By Matthew Kerkhoff
Last week was shortened due to the Thanksgiving holiday, but there was no shortage of economic data to parse. Let’s check in and see what some of the latest figures are telling us.
Existing home sales continue at a brisk pace. October’s seasonally adjusted annual rate of 5.36 million homes was down 3.4% from September’s pace, which was close to an eight-year high. On a year-over-year basis, home sales are up 3.9%.
We may see downward pressure on the number of homes sales moving forward as a result of tight inventory. During October there were 4.8 months of inventory at the current sales pace. The long-term average is 6 months.
The lack of inventory is continuing to buoy home prices, which are rising nationwide by 5.5% based on the latest Case-Shiller data. Among the 20 major cities tracked, San Francisco, Denver and Portland reported annual price gains in the double digits. ... Log in or subscribe to continue reading.