Newsletter

12-22-2023 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

 

November existing home sales reverse five-month drop, but down 7.3 percent year-on-year

Existing-home sales reversed a five-month drop and edged higher by 0.8% in November to a seasonally adjusted annual rate of 3.82 million. However, sales still retreated 7.3% from one year ago. The median existing-home sales price rose 4.0% from November 2022 to $387,600 – the fifth consecutive month of year-over-year price increases. The inventory of unsold existing homes slid 1.7% from the previous month to 1.13 million at the end of November, or the equivalent of 3.5 months’ supply at the current monthly sales pace.

https://www.nar.realtor/newsroom/existing-home-sales-expanded-0-8-in-november-ending-five-month-slide

 

Housing starts surge 14.8 percent in November and 9.3 percent year-on-year

November housing starts rose to a six-month high of 1,560,000 per annum, up 14.8% from October and 9.3% year-on-year. Single?family housing starts jumped 18.0% from October and 42.2% to 1,143,000, the highest level since April 2022. The November rate for units in buildings with five units or more was 404,000, up 8.9% from October but down 33.7% year-on-year.

https://www.census.gov/construction/nrc/current/index.html

 

November building permits fall 2.5 percent but up 4.1 percent year-on-year

November building permits fell 2.5% from October but were up 4.1% year-on-year to 1,498,000. Single?family authorizations rose 0.7% from October and 22.8% year-on-year to to 976,000 (the highest level since May 2022). Authorizations of units in buildings with five units or more were at a rate of 435,000 in November, down 9.6% from October and 21.3% year-on-year.

https://www.census.gov/construction/nrc/current/index.html

 

November U.S. composite output index rises for 11th consecutive month to 51.0

At 51.0, the headline S&P Global Flash US PMI Composite Output Index was up slightly from 50.7 in November and posted above the 50.0 neutral mark for the eleventh successive month to signal a modest expansion in business activity. The rate of growth, although subdued in the context of the series history, accelerated to the fastest since July. There was a divergence in sector trends with regards to output in December, as service providers signaled a faster expansion in activity while manufacturers recorded a renewed decline in production.

https://www.pmi.spglobal.com/Public/Home/PressRelease/435137fa5a754c79988b22a4378ce135