8/27: MetroIntelligence Economic Update by P. DUFFY

July new single-family home sales declined 12.8 percent from June, but up 4.3 percent year-on-year

July’s new single-family home sales fell sharply to a seasonally adjusted annual rate of 635,000, down 12.8 percent from June, but up 4.3 percent year-on-year. Meanwhile, months of inventory rose to 6.4 in July versus 5.9 months in June (up 16.4 percent) and 6.2 months last in July of 2018 (up 3.2 percent).

https://www.census.gov/construction/nrs/pdf/newressales.pdf

 

July new home mortgage applications rose 11 percent from June and 31 percent year-on-year

July mortgage applications for new home purchases of all kinds increased 11 percent from June and 31 percent year-on-year (not seasonally adjusted).  The average loan size of new homes decreased from $329,593 in June to $325,457 in July.

https://www.mba.org/2019-press-releases/august/july-new-home-purchase-mortgage-applications-increased-312-percent

 

July durable goods orders rise 2.1 percent due to rebound in aircraft orders

New orders for manufactured durable goods in July increased $5.0 billion or 2.1 percent to $250.4 billion. Excluding defense, new orders increased 1.4 percent.  However, when excluding transportation, new orders decreased 0.4 percent.

https://www.census.gov/manufacturing/m3/adv/pdf/durgd.pdf