Existing Home Sales 5.17M vs 5.1M Expected; +2.4% vs +1% Expected Oct 21, 2014 10:00AM

Existing Home Sales 5.17M vs 5.1M Expected; Up 2.4% vs +1% Expected

UPDATE - More from the National Association of Realtors:

After a modest decline last month, existing-home sales bounced back in September to their highest annual pace of the year, according to the National Association of Realtors. All major regions except for the Midwest experienced gains in September.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million in September from 5.05 million in August. Sales are now at their highest pace of 2014, but still remain 1.7 percent below the 5.26 million-unit level from last September.

he median existing-home price for all housing types in September was $209,700, which is 5.6 percent above September 2013. This marks the 31st consecutive month of year-over-year price gains.

Total housing inventory at the end of September fell 1.3 percent to 2.30 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace. Despite fewer homes for sale in September, unsold inventory is still 6.0 percent higher than a year ago, when there were 2.17 million existing homes available for sale.

All-cash sales were 24 percent of transactions in September, up slightly from August (23 percent) but down from 33 percent in September of last year. Individual investors, who account for many cash sales, purchased 14 percent of homes in September, up from 12 percent last month but below September 2013 (19 percent). Sixty-three percent of investors paid cash in September.

According to Freddie Mac, after falling for four consecutive months, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.16 percent in September from 4.12 percent in August. Despite the slight increase, interest rates are 33 basis points less than a year ago (4.49 percent).

The percent share of first-time buyers continues to underperform historically, remaining at 29 percent for the third consecutive month. First-time buyers have represented less than 30 percent of all buyers in 17 of the past 18 months.

Distressed homes – foreclosures and short sales – increased slightly in September to 10 percent from 8 percent in August, but are down from 14 percent a year ago. Seven percent of September sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 14 percent below market value in September (same as in August), while short sales were discounted 14 percent (10 percent in August).

Traders are watching the following stocks and ETFs:

D.R. Horton, Inc. (NYSE: DHI)
Pulte Group (NYSE: PHM)
KB Home (NYSE: KBH)
Lennar Corp. Cl A (NYSE: LEN)
Hovnanian Enterprises Inc. Cl A (NYSE: HOV)
Standard Pacific Corp. (NYSE: SPF)
Toll Brothers, Inc. (NYSE: TOL)
Ryland Group, Inc. (NYSE: RYL)
Meritage Homes Corp. (NYSE: MTH)
Beazer Homes USA, Inc. (NYSE: BZH)
SPDR S&P Homebuilders ETF (NYSE: XHB)


October P Univerity of Michigan Confidence 86.4 vs 84 Expected Oct 17, 2014 09:55AM

October P Univerity of Michigan Confidence 86.4 vs 84 Expected


Sept Housing Starts 1017K vs 1008K Expected, Up 6.3% MoM Oct 17, 2014 08:30AM

Sept Housing Starts 1017K vs 1008K Expected, Up 6.3% MoM

UPDATE - More from the U.S. Census Bureau:

The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential
construction statistics for September 2014:

BUILDING PERMITS

Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,018,000. This is 1.5 percent (±1.1%) above the revised August rate of 1,003,000 and is 2.5 percent (±1.2%) above the September 2013 estimate of 993,000.

Single-family authorizations in September were at a rate of 624,000; this is 0.5 percent (±1.1%)* below the revised August figure of 627,000. Authorizations of units in buildings with five units or more were at a rate of 369,000 in September.

HOUSING STARTS

Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,017,000. This is 6.3 percent (±9.3%)* above the revised August estimate of 957,000 and is 17.8 percent (±14.4%) above the September 2013 rate of 863,000.

Single-family housing starts in September were at a rate of 646,000; this is 1.1 percent (±8.3%)* above the revised August figure of 639,000. The September rate for units in buildings with five units or more was 353,000.

HOUSING COMPLETIONS

Privately-owned housing completions in September were at a seasonally adjusted annual rate of 999,000. This is 8.6 percent (±17.2%)* above the revised August estimate of 920,000 and is 31.3 percent (±23.7%) above the September 2013 rate of 761,000.

Single-family housing completions in September were at a rate of 624,000; this is 1.0 percent (±11.6%)* above the revised August rate of 618,000. The September rate for units in buildings with five units or more was 368,000.

Traders are watching the following stocks and ETFs:

D.R. Horton, Inc. (NYSE: DHI)
Pulte Group (NYSE: PHM)
KB Home (NYSE: KBH)
Lennar Corp. Cl A (NYSE: LEN)
Hovnanian Enterprises Inc. Cl A (NYSE: HOV)
Standard Pacific Corp. (NYSE: SPF)
Toll Brothers, Inc. (NYSE: TOL)
Ryland Group, Inc. (NYSE: RYL)
Meritage Homes Corp. (NYSE: MTH)
Beazer Homes USA, Inc. (NYSE: BZH)
SPDR S&P Homebuilders ETF (NYSE: XHB)


August Net Long Term Tick Flows $52.1B Oct 16, 2014 04:00PM

August Net Long Term Tick Flows $52.1B


UPDATE: Crude Inventory Grows 8.9M Barrels vs 2.3M Expected Oct 16, 2014 11:03AM

(Updated - October 16, 2014 11:03 AM EDT)

Crude Inventory for the week ending Oct. 10th grew 8.9 million Barrels vs 2.3 million expected.

Cushing inventory increased by 716 thousand barrels.

Gasoline inventory declined 4 million barrels vs a decline of 1.35 million expected.

Distillate inventory declined by 1.5 million barrels vs 1.75 million expected.

Traders are watching energy futures and ETFs like United States Oil Fund (NYSE: USO).


More Economic Data

View Older Stories

Oct 16, 2014 11:03AM UPDATE: Crude Inventory Grows 8.9M Barrels vs 2.3M Expected
Oct 16, 2014 10:30AM Natural Gas Inventory 94 bcf vs 90 bcf Expected
Oct 16, 2014 10:00AM NAHB Housing Market Index 54 vs 59 Expected
Oct 16, 2014 09:59AM Philadelphia Fed Business Outlook 20.7 vs 19.8 Expected
Oct 16, 2014 09:15AM Sept Industrial Production 1% vs 0.4% Expeted
Oct 16, 2014 08:30AM Initial Jobless Claims 264K vs 290K Expected
Oct 15, 2014 11:00AM U.S. Monthly Budget Statement $105.8B vs $90B Expected
Oct 15, 2014 10:00AM August Business Inventories 0.2% vs 0.4% Expected
Oct 15, 2014 08:31AM Sept. PPI Final Demand -0.1% vs 0.1% Expected, Ex-Food Energy 0.0% vs 0.1%
Oct 15, 2014 08:30AM Oct. Empire Manufacturing 6.17 vs 20.25 Expected
Oct 15, 2014 08:30AM Sept. MoM Retail Sales Advance -0.3% vs -0.1% Expected
Oct 15, 2014 07:00AM MBA Mortgage Applications 5.6% vs 3.8% Prior
Oct 10, 2014 08:30AM Sept. MoM Import Price Index -0.5% vs -0.7% Expected
Oct 9, 2014 10:30AM Natural Gas Inventory 105 bcf vs 109 bcf Expected
Oct 9, 2014 10:00AM August MoM Wholesale Inventories -0.7% vs 0.3%
Oct 9, 2014 08:30AM Initial Jobless Claims 287K vs 295K Expected
Oct 8, 2014 10:34AM UPDATE: Crude Inventory 5M Barrels vs 1.68M Expected
Oct 8, 2014 10:34AM UPDATE: Crude Inventory 5M Barrels vs 1.68M Expected
Oct 8, 2014 07:32AM Markets Quiet Ahead of FOMC Minutes
Oct 8, 2014 07:00AM MBA Mortgage Applications 3.8% vs -0.2% Prior
Oct 7, 2014 03:01PM August Consumer Credit $13.5B vs $20B Expected
Oct 7, 2014 10:01AM JOLTS Job Openings 4.84M vs 4.7M Expected
Oct 7, 2014 09:03AM U.S. Comp Sales Rose 5.4% Last Week - Redbook
Oct 6, 2014 07:04AM Overnight World Market Headlines and the Day Ahead
Oct 3, 2014 10:00AM ISM Non-Manufacturing Index at 58.6% in Sept.; Business Activity Pressures Gains
Oct 3, 2014 08:35AM Nonfarm Payrolls Expanded 248K in Sept., Outpacing Views on Services, Retail, and Health Care Gains
Oct 3, 2014 08:32AM August Trade Balance -$40.1B vs -$40.8B Expected
Oct 3, 2014 08:35AM Nonfarm Payrolls Expanded 248K in Sept., Outpacing Views on Services, Retail, and Health Care Gains
Oct 2, 2014 10:30AM Natural Gas Inventory 112 bcf vs 106 bcf Expected
Oct 2, 2014 10:01AM August Factory Orders -10.1 vs -9.5 Expected
Oct 2, 2014 09:45AM ISM New York 63.7 vs 57.1 Prior
Oct 2, 2014 08:48AM Initial Jobless Claims 287K vs 297K Expected
Oct 2, 2014 08:48AM Initial Jobless Claims 287K vs 297K Expected
Oct 1, 2014 05:06PM Capitala Finance (CPTA) Files $500M Mixed Shelf
Oct 1, 2014 10:32AM UPDATE: Crude Inventory -1.4M Barrels vs 925K Expected
Oct 1, 2014 10:32AM UPDATE: Crude Inventory -1.4M Barrels vs 925K Expected
Oct 1, 2014 10:00AM August Construction Spending -0.8% vs 0.5% Expected
Oct 1, 2014 10:00AM ISM Manufacturing 56.6 vs 58.5 Expected
Oct 1, 2014 09:45AM Markit Manufacturing PMI 57.5 vs 57.9 Expected
Oct 1, 2014 08:15AM ADP Employment Change 213K vs 205K Expected
Oct 1, 2014 07:00AM MBA Mortgage Applications -0.2% vs -4.1% Prior
Sep 30, 2014 10:00AM Sept. Consumer Confidence Index 86 vs 92.5 Expected
Sep 30, 2014 09:53AM UPDATE: September Chicago Purchasing Manager 60.5 vs 62 Expected
Sep 30, 2014 09:53AM UPDATE: September Chicago Purchasing Manager 60.5 vs 62 Expected
Sep 29, 2014 10:30AM Dallas Fed August Manf. Activity 10.8 vs 10.5 Expected
Sep 29, 2014 10:00AM August MoM Pending Homes Sales -1% vs -0.5% Expected
Sep 29, 2014 08:30AM August Personal Income 0.3% vs 0.3% Expected; Spending 0.5% vs 0.4%
Sep 29, 2014 06:41AM Gazit-Globe (GZT) Enters $32M Common Stock, Warrants Private Placement
Sep 26, 2014 09:55AM Sept. U of M Confidence 84.6 vs 84.8 Expected
Sep 26, 2014 08:38AM U.S. GDP Rose 4.6% in Q2, Flat with Expectations; Personal Consumption, Private Investment Led Gains
View Older Stories