6/14: MetroIntelligence Economic Update by P. DUFFY

Redfin: New home sales prices dipped for first time in seven years

Redfin:  Sale prices for newly built homes fell 1 percent year over year to a median of $363,900 in the first quarter, the first such drop in seven years. Meanwhile, the median sale price for existing homes continued to grow, but at its slowest pace in seven years, up just 1.5 percent to $282,900 in the first quarter.



Small business optimism index rebounded 1.5 points in May to 105.0

Small business optimism eclipsed pre-shutdown levels, increasing 1.5 points to 105.0 in May. Capital spending plans increased along with actual outlays. Small business owners’ expectations for sales, business conditions, and expansion all rose, as the previously reported inventory imbalance was resolved. Earnings, job creation, and compensation remained very strong.



June inflation expectations for businesses unchanged at 2.0 percent in the year ahead

Firms’ year-ahead inflation expectations went unchanged at 2.0 percent, on average.  Regarding the current economic environment, sales levels compared to “normal times” declined somewhat while profit margins remained the same. Year-over-year unit cost growth increased to 2.1 percent, on average.