12/23 – MetroIntelligence Economic Update by P. DUFFY
MetroIntelligence Economic Update by P. DUFFY
Existing home sales rise 1.9 percent in November, but down 2.0 percent year-on-year
Total existing-home sales grew 1.9% from October to a seasonally adjusted annual rate of 6.46 million in November. Sales fell 2.0% from a year ago (6.59 million in November 2020). The median existing-home sales price rose 13.9% year-over-year to $353,900. From one year ago, the inventory of unsold homes decreased 13.3% to 1.1 million – equivalent to 2.1 months of the monthly sales pace.
Consumer confidence index edges up again in December
Consumer confidence improved further in December, following a very modest gain in November. The Present Situation Index dipped slightly but remains very high, suggesting the economy has maintained its momentum in the final month of 2021. Expectations about short-term growth prospects improved, setting the stage for continued growth in early 2022. The proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all increased.
Purchase loan apps fall 3 percent from previous week, down 9 percent year-on-year
The Market Composite Index for mortgage applications decreased 0.6 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 3 percent (and down 9 percent year-on-year) and refinance activity rising 2 percent (but down 42 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.27 percent from 3.30 percent.