S&P Case-Shiller US Home Price Index (HPI): Still falling
Q1 S&P CASE-SHILLER US HPI Y/Y: -14.1% V -12.7% PRIOR; US HPI: 159.2 V 170.6 PRIOR
MAR S&P CASE-SHILLER COMPOSITE-20 Y/Y: -14.4% V -14.2%E; HOME PRICE INDEX: 172.2 V 175.9 PRIOR
- prior revised from 175.9 to 176.0
FED SETS 28-DAY REPOS, ACCEPTS $20B
Consumer Confidence and Richmond Fed Manufacturing numbers are disappointing, but the market wants to focus on the "apparent improvement" in the New Home Sales numbers:
MAY CONSUMER CONFIDENCE: 57.2 V 60.0E; 14-YEAR LOW
- prior revised from 62.3e to 62.8
- 1-year inflation expectation at 7.7% v 6.8% priorMAY RICHMOND FED MANUFACTURING INDEX: -3 V 1E
APRIL NEW HOME SALES; 526K V 520KE
- prior revised from 526K to 509K
APRIL NEW HOME SALES TABLE
Apr Mar Feb
Sales At Annual Rate 526,000 509,000 572,000
Percent Change 3.3% -11.0% -4.2%
Northeast 34,000 24,000 34,000
Midwest 73,000 69,000 77,000
South 289,000 296,000 318,000
West 130,000 120,000 143,000
Median Price 246,100 225,500 243,100
Mean Price 321,000 291,500 300,600
Houses For Sale 456,000 467,000 475,000
Months of Inventory 10.6 11.1 9.7
2 Comments
May 27th, 2008 at 10:17 am
Yes, Lisa, market now is crazy, US economy is not about +6000 home sales, but consumer spending and confidence…
May 27th, 2008 at 11:16 am
And we don’t have much of those last two! I know I have no confidence in this market right now.