MetroIntelligence Economic Update by P. DUFFY
September home builder confidence index rebounds 1 point to 76
Ending a three-month decline, builder sentiment in the market for newly built single-family homes edged up one point to 76 in September. The HMI index gauging current sales conditions rose one point to 82, the component measuring traffic of prospective buyers posted a two-point gain to 61 and the gauge charting sales expectations in the next six months held steady at 81.
Consumer sentiment index rebounds 1.0 percent in September, but still down 11.7 percent year-on-year
The steep August falloff in consumer sentiment ended in early September, with the index rising by 1 percent between the two months, but the small gain still meant that consumers expected the least favorable economic prospects in more than a decade, down 11.7 percent year-on-year. The decline in assessments of buying conditions for homes, vehicles, and household durables left all three near all-time record lows, with the declines due to spontaneous references to high prices.
Housing market cools off in August as inventory rises and price hikes moderate
Rapid housing cost growth cooled somewhat in August, paving the way for a still-strong but potentially more manageable housing market come fall. Inventory that continues to rise and a growing share of listed homes cutting their price are giving buyers more options and less stress.