3/29: MetroIntelligence Economic Update by P. DUFFY

February pending home sales fell 1.0 percent from January and 4.9 percent year-on-year

The Pending Home Sales Index decreased 1.0 percent to 101.9 in February, down from 102.9 in January. Year-over-year contract signings declined 4.9 percent, making this the fourteenth straight month of annual decreases.



January Case-Shiller Index up 0.2 percent from December and 4.3 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.3% annual gain in January, down from 4.6% in the previous month, and the lowest annual gain since April 2015.  The index rose 0.2 percent from December after seasonal adjustment.



Consumer confidence falls 7.3 points in March to 124.1

Consumer Confidence decreased in March — falling 7.3 points to 124.1 — after rebounding in February, with the Present Situation the main driver of this month’s decline. Confidence has been somewhat volatile over the past few months, as consumers have had to weather volatility in the financial markets, a partial government shutdown and a very weak February jobs report. Despite these dynamics, consumers remain confident that the economy will continue expanding in the near term.