2/22/2022 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

 

Existing home sales rise 6.7 percent in January but down 2.3 percent year-on-year

In January 2022, existing-home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. Year-on-year, sales were down 2.3%. At the end of December, the inventory of unsold existing homes fell to a new all-time low of 860,000, which is equivalent to 1.6 months of the monthly sales pace, also an all-time low. The median existing-home sales price rose at a stronger pace of 15.4% on a year-over-year basis, to $350,300.

https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales

 

Leading Economic Index edges down in January, but economy still growing

The U.S. Leading Economic Index (LEI) posted a small decline in January, as the Omicron wave, rising prices, and supply chain disruptions took their toll.  The index decreased by 0.3 percent in January to 119.6, following a 0.7 percent increase in December and a 0.8 percent increase in November. Despite this month’s decline and a deceleration in the LEI’s six-month growth rate, widespread strengths among the leading indicators still point to continued, albeit slower, economic growth into the spring.

https://www.conference-board.org/data/bcicountry.cfm?cid=1

 

Industrial production increases 1.4 percent in January and 4.1 percent year-on-year

In January, total industrial production increased 1.4 percent.  At 103.5 percent of its 2017 average, total industrial production in January was 4.1 percent higher than its year-earlier level and 2.1 percent above its pre-pandemic (February 2020) reading. Capacity utilization for the industrial sector increased 1.0 percentage point in January to 77.6 percent, a rate that is 1.9 percentage points below its long-run (1972–2021) average.

https://www.federalreserve.gov/releases/g17/Current/default.htm