- Housing starts in January were 1,567 thousand, down 3.6% from the previous month but were up 21.4% from a year ago. Building permits in January were 1,551 thousand units, up 9.2% from the previous month, and up 17.9% from January 2019.
- January existing home sales were down 1.3% from the previous month, but were up 9.6% from January 2019, according to the National Association of Realtors. The median sales price of existing houses sold was $266.3 thousand, 6.8% above January 2019. There were 1.42 million existing homes for sale at the end of the month. This represents a supply of 3.3 months at the current sales rate, compared to 3.8 in January of 2019.
- The results of Freddie Mac’s Primary Mortgage Market Survey showed little change. 30-year fixed-rate mortgage averaged 3.49% for the week ending February 20, slightly up from last week when it averaged 4.37%. A year-ago at this time, the 30-year fixed-rate mortgage averaged 4.35%. 15-year fixed-rate mortgage averaged 2.99%, up slightly from last week when it averaged 2.97%. A year-ago at this time, the 15-year fixed-rate mortgage averaged 3.78%.
- Mortgage applications decreased 6.4% from a week earlier week, according to data from Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 14th.
- The advance figure for initial claims for unemployment insurance increased 4 thousand to 210 thousand in the week ending February 15. The 4-week moving average was 209 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 February 8 was 1,726 thousand, an increase of 25 thousand from the previous week’s revised level. The 4-week moving average was 1,722.25 thousand, a decrease of 5.250 thousand from the previous week’s revised average.
- From September 2018 to September 2019, employment increased in 283 of the 355 largest U.S. counties, according to the U.S. Bureau of Labor Statistics. In September 2019, national employment (as measured by the Quarterly County Employment and Wages program) increased to 148.6 million, a 1.1% increase over the year. New Hanover, NC, had the largest over-the-year increase in employment with a gain of 5.8%. In the third quarter of 2019, average weekly wages for the nation increased to $1,093, a 3.6% increase over the year. Among the 355 largest counties, 350 had over-the-year increases in average weekly wages. Boulder, CO, had the largest third quarter over-the-year wage gain at 18.4%.
- The producer price index for final demand (headline index) increased 0.5% in January, following a 0.2% increase in the previous month, according to the U.S. Bureau of Labor Statistics. The index for final demand less foods, energy and trade increased 0.4% in January, after a 0.2% increase in the previous month. The headline index increased 2.1% from January 2019 to January 2020, while the index for final demand less foods, energy and trade increased 1.5%.
- The Conference Board index of leading economic indicators increased 0.8% in January, following a decrease of 0.3% in the previous month. Over the six-month span through January, the leading index increased 0.1% (about a 0.2% annual rate), much slower than the growth of 0.8% over the previous six months. The Conference Board coincident economic index increased 0.1% in January, after holding steady in the previous month. Over the six-month span through January, the coincident index increased 0.8% (about a 1.7% annual rate), faster than the growth of 0.3% over the previous six months.
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