MetroIntelligence Economic Update by P. DUFFY
Existing home sales rise 0.8 percent in October, but down 5.8 percent year-on-year
Existing-home sales rose 0.8% in October from September to a seasonally adjusted annual rate of 6.34 million, sustaining the growth in sales in the prior month, but fell 5.8% year-on-year. The median existing-home sales price increased 13.1% year-over-year to $353,900. From one year ago, the inventory of unsold homes decreased 12% to 1.25 million – equivalent to 2.4 months of the monthly sales pace.
Leading Economic Index jumps 0.9 percent in October
The U.S. LEI rose sharply in October, rising by 0.9 percent in October to 118.3 (2016 = 100) and following a 0.1 percent increase in September and a 0.7 percent increase in August. This sharp rise suggests the current economic expansion will continue into 2022 and may even gain some momentum in the final months of this year. Gains were widespread among the leading indicators, with only the average workweek and consumers’ outlook making negative contributions.
Share of online sales slips back to 13.0 percent in 3Q2021 as consumers return to physical stores
U.S. retail e-commerce sales for the third quarter of 2021 fell 3.3 percent from the second quarter of 2021 versus a decline of 1.1 percent for total retail sales. Year-on-year from the third quarter of 2020, e-commerce sales rose 6.6 percent versus an increase of 13.1 percent for total retail sales. The share of e-commerce sales in the third quarter of 2021 accounted for 13.0 percent of total sales, down from 13.3 percent the previous quarter and 13.8 percent the same quarter of 2020. This share has been steadily declining since a record high of 15.2 percent in 4Q2020.