Key Economic Indicators – July 27, 2015

  • June existing home sales were up 3.2% from the previous month, and were up 9.6% from June 2014. The median sales price of existing houses sold was $236.4 thousand, 6.5% above June 2014. There were 2,300 thousand homes for sale at the end of the month. This represents a supply of 5.0 months at the current sales rate, compared to 5.5 in June of 2014.
  • June new home sales were down 6.8% from the previous month, but were up 18.1% from June 2014 figure. The median sales price of new houses sold was $281.8 thousand, 1.8% below June 2014.
  • U.S. House prices rose 0.4% on a seasonally adjusted basis from April to May, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. For the 12 months ending in May, U.S. prices rose 5.7%. The index is 1.8% below its March 2007 peak and is roughly the same as the April 2006 index level.
  • The results of Freddie Mac’s Primary Mortgage Market Survey of July 23rd showed average fixed mortgage rates reversing course and moving lower. 30-year fixed-rate mortgage averaged 4.04% for the week ending July 23, down from last week when it averaged 4.09%. A year ago at this time, the 30-year fixed rate mortgage averaged 4.13%.
  • Mortgage applications increased 0.1% from a week earlier, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 17th.
  • A deceleration in nondurable goods manufacturing and downturns in both professional, scientific and technical services and wholesale trade were the leading contributors to the downturn in U.S. economic growth in the first quarter of 2015, according to the Bureau of Economic Analysis.
  • The advance figure for initial claims for unemployment insurance decreased 26 thousand to 255 thousand in the week ending July 18th. This was the lowest level for initial claims since November 24, 1973 when it was 233 thousand. The 4-week moving average was 278.5 thousand, a decrease of 4 thousand from the previous week’s average.
  • Regional and state unemployment rates were little changed in June, according to the U.S. Bureau of Labor Statistics. Twenty-one states and the District of Columbia had unemployment rate decreases from May, 12 states had increases, and 17 states had no change. In June, nonfarm payroll employment increased in 31 states, decreased in 17 states and the District of Columbia, and was unchanged in 2 states.
  • The Conference Board index of leading economic indicators increased 0.6% in June, following a 0.8% increase in the previous month. The coincident index increased 0.2%, the same increase as in the previous month.

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