- December existing home sales increased 3.6% to an annualized rate of 5.54 million units, according to the National Association of Realtors. The December figure was 10.8 % above the December 2018 figure. The median sales price of existing houses sold was $274.5 thousand, 7.8% above December 2018. The housing inventory at the end of December dropped 14.6% to 1.4 million from 1.64 million existing homes for sale in November. Unsold inventory is at a 3.0-month supply at the current sales pace, down from 3.7 last month and a year ago. Total sales for the year 2019 was 5.34 million, unchanged from 2018.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed mortgage rates dropping to their lowest levels in three months. The 30-year fixed mortgage rate averaged 3.60% for the week ending January 23, down from last week when it averaged 3.65%. A year-ago at this time, the 30-year fixed-rate averaged 4.45%. The 15-year fixed mortgage rate averaged 3.04%, down from last week when it averaged 3.09%. A year-ago at this time, the 15-year fixed-rate averaged 3.88%.
- Mortgage applications decreased 1.2% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending January 17, 2020.
- The advance figure for initial claims for unemployment insurance increased by 6 thousand to 211 thousand in the week ending January 18. The 4-week moving average was 213.25 thousand, a decrease of 3.25 thousand from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment (ongoing) during the week ending January 11 was 1,731 thousand, a decrease of 37 thousand from the previous week’s revised level. The 4-week moving average was 1,757.75 thousand, an increase of 2 thousand from the previous week’s revised average.
- Unemployment rates were lower in December in 11 states, higher in 4 states, and stable in 35 states and the District of Columbia, according to the U.S. Bureau of Labor Statistics. Eight states had jobless rate decreases from a year earlier, one state had an increase, and 41 states and the District had little or no change. The national unemployment rate, 3.5 percent, was unchanged over the month but was 0.4 percentage point lower than in December 2018. Nonfarm payroll employment increased in 3 states in December 2019 and was essentially unchanged in 47 states and the District of Columbia. Over the year, 26 states added nonfarm payroll jobs and 24 states and the District were essentially unchanged.
- The Conference Board index of leading economic indicators decreased 0.3% in December, following a 0.1% increase in the previous month. Over the last six months of 2019, the index decreased 0.4% (about -0.7% annual rate), slower than the growth of 0.5% (about 0.9% annual rate) over the first half of the year.The Conference Board coincident economic index increased 0.1% in December, following a 0.3% increase in November. The coincident index rose 0.8% (about 1.5% annual rate) during the last six months of 2019, slightly faster than the growth of 0.5% (about 0.9% annual rate) over the first half of the year.
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