7/23: MetroIntelligence Economic Update by P. DUFFY

Percentage of foreign buyers of U.S. residential real estate shrinks 36 percent year-on-year

NAR’s Profile of International Transactions in U.S. Residential Real Estate 2019 revealed that foreign buyers purchased $77.9 billion worth of U.S. existing homes from the 2019 survey reference period, a 36% decline from the level reached in the previous 12 months.  The decline was due to a combination of low inventory and slower global economic growth.



Consumer sentiment rises slightly in early June survey

Consumer sentiment remained largely unchanged in early July from June, rising 0.2 points to 98.4, and remaining at quite favorable levels since the start of 2017. Perhaps the most interesting change in the July survey was in inflation expectations, with the year-ahead rate slightly lower and the longer term rate moving to the top of the narrow range it has traveled in the past few years.



Industrial production flat in June, up 1.3 percent year-on-year

Industrial production was unchanged in June, as increases for both manufacturing and mining offset a decline for utilities. For the second quarter as a whole, industrial production declined at an annual rate of 1.2 percent, its second consecutive quarterly decrease.  However, at 109.6 percent of its 2012 average, total industrial production was 1.3 percent higher in June than it was a year earlier.