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In the News This Week

The economy grew at a faster pace than previously estimated in the third quarter, expanding 2.1%, up from a previous 1.5%. The gain was the result of a bigger inventory build.

Source: NAHB

New homes sales jumped 10.7% in October to an annual rate of 495,000, led by a surge in the Northeast. At the current sales pace, the inventory of new homes stands at 5.5 months.

Source: NAHB

Existing home sales fell 3.4% in October to an annual pace of 5.36 million, following a gain in September. According to the National Association of Realtors, “new and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets. Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales. As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago.”

Consumer spending ticked up slowly in October, rising .1% as Americans spent less on cars and utilities while saving more – the savings rate rose to a three-year high of 5.6%.

After two straight months of decline, orders for durable goods rebounded 3% in October on demand for jets, computers, and machinery. Orders for commercial aircraft climbed 81% while orders for computers rose 5.5%.


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