MetroIntelligence Economic Update by P. DUFFY
Existing home sales slide 2.0 percent in September, down 15.4 percent year-on-year
Existing-home sales slid 2.0% in September to a seasonally adjusted annual rate of 3.96 million. Sales retreated 15.4% from one year ago. The median existing-home sales price grew 2.8% from one year ago to $394,300, marking the third consecutive month of year-over-year price increases. The inventory of unsold existing homes climbed 2.7% from the prior month to 1.13 million at the end of September, or the equivalent of 3.4 months’ supply at the current monthly sales pace.
Housing starts rise 7.0 percent in September but fall 7.2 percent year-on-year
Housing starts in September were at a seasonally adjusted annual rate of 1,358,000, up 7.0 percent from August but down 7.2 percent year-on-year. Single‐family housing starts in September were at a rate of 963,000; up 3.2 percent from August. The September rate for units in buildings with five units or more was 383,000.
Building permits fall 4.4 percent in August, down 7.2 percent year-on-year
Housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,473,000, down 4.4 percent from August and 7.2 percent year-on-year. Single‐family authorizations in September were at a rate of 965,000, up 1.8 percent year-on-year. Authorizations of units in buildings with five units or more were at a rate of 459,000 in September.
October builder confidence falls four points to 40 due to higher mortgage rates
Builder confidence in the market for newly built single-family homes in October fell four points to 40 from a downwardly revised September reading. This is the third consecutive monthly drop in builder confidence. The HMI index gauging current sales conditions fell four points to 46, the component charting sales expectations in the next six months dropped five points to 44 and the gauge measuring traffic of prospective buyers dipped four points to 26.