Newsletter

4/28/2023 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

 

New home sales rebound 9.6 percent in March, still down 3.4 percent year-on-year

Sales of new single‐family houses in March 2023 were at a seasonally adjusted annual rate of 683,000, up 9.6% from February but down 3.4% year-on-year.  The median sales price of new houses sold in March 2023 was $449,800, up 3.8% from February and 3.2% year-on-year. The average sales price was $562,400, up 12.1% from February and 9.9% year-on-year. The seasonally‐adjusted estimate of new houses for sale at the end of March was 432,000, representing a supply of 7.6 months at the current sales rate. This compares with 8.4 months in February and 7.0 months in March 2022.

https://www.census.gov/construction/nrs/pdf/newressales.pdf

 

Case-Shiller Index sees first monthly gain in eight months but still down 2.0 percent year-on-year

The National Case-Shiller Composite Index, which had declined for seven consecutive months, rose a modest 0.2% in February, and now stands 4.9% below its June 2022 peak. The annual gain fell to 2.0, down from 3.7% in the previous month. February’s results were most interesting because of their stark regional differences. It’s unsurprising that the Southeast (+7.8%) remains the country’s strongest region, while the West (-4.2%) continues as the weakest.

https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-declines-moderated-in-february/

 

Pending home sales fall for first time since November, but rise in the South

Pending home sales decreased in March for the first time since November 2022, falling 5.2%.  Year-over-year, pending transactions dropped by 23.2%. The Northeast PHSI fell 8.1% from last month to 66.6, a decline of 24.3% from March 2022. The Midwest index dropped 10.7% to 75.7 in March, down 21.5% from one year ago. The South PHSI improved 0.2% to 99.6 in March, falling 19.8% from the prior year. The West index decreased 8.0% in March to 59.4, reducing 32.2% from March 2022.

https://www.nar.realtor/newsroom/pending-home-sales-decreased-5-2-in-march