10/26: MetroIntelligence Economic Update by P. DUFFY

September Pending Home Sales Index up 0.5 percent from August but still down 1.0 percent year-on-year

The Pending Home Sales Index increased 0.5 percent to 104.6 in September from 104.1 in August. However, year-over-year, contract signings dropped 1.0 percent, making this the ninth straight month of annual decreases.



September durable goods orders rose 0.8 percent, down from August’s increase of 4.6 percent

New orders for manufactured durable goods in September increased by 0.8 percent to $262.1 billion. This increase, up three of the last four months, followed a 4.6 percent August increase.  However, excluding transportation, new orders increased just 0.1 percent.



Mortgage applications rise 4.9 percent in weekly report

The Market Composite Index increased 4.9 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 2.0 percent and refinances rising 10.0 percent following a shorter holiday workweek. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to its highest level since February 2011, 5.11 percent.