Next Week's Housing Releases
For the Week of March 25, 2019:
S&P/Case-Shiller Home Price Indices: Tuesday, March 26
The Case-Shiller U.S. National Home Price Index rose at a seasonally adjusted annual growth rate of 3.2% in December, less than the 4.5% increase in November. It was the lowest one in the past five months. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index rose by 4.7% in December, down from 5.1% in November.
New Residential Construction (Housing Starts): Tuesday, March 26
Total housing starts posted an increase of 18.6% in January compared to a revised down December estimate of 1.037 million units. Single-family housing starts rose by 25.1% in January, and was 4.5% higher compared to a year ago. Meanwhile, multifamily starts (2+ unit production) increased to a 304,000 seasonally adjusted annual rate in January.
Consumer Confidence: Tuesday, March 26
Following a modest decline in November, the Consumer Confidence Index fell by 6.1% from 136.4 to 128.1 in December, the lowest level since July 2018. The December decline in consumer confidence was mainly driven by weakened consumer expectations. Despite the sharp decline in December, the Consumer Confidence Index remained historically strong.
Pending Home Sales: Thursday, March 28
The Pending Home Sales Index (PHSI), as a good predictor of existing home sales based on signed contracts, increased by 4.6% from 98.7 in December to 103.2 in January, but was still 2.3% below the level one year ago, marking the thirteenth straight month of declines on an annualized basis.
New Home Sales (Feb): Friday, March 29
Sales of new single-family homes decreased by 6.9% in January to a 607,000 seasonally adjusted annual rate, which was 4.1% lower than January of 2018. However, combined with lower mortgage interest rates, the first monthly rate for 2019 establishes a solid foundation on which to build heading into higher volume sales months.
Personal Income: Friday, March 29
Personal income climbed by 0.2% in November, largely driven by gains in wages and salaries. Disposable personal income, income remaining after deducting personal income taxes, also inched up 0.2% after accounting for inflation. It has been rising steadily since July 2017 and it is 2.8% higher than a year ago. Meanwhile, personal consumption expenditure increased by 0.4% in November after a 0.8% gain in October.