12/4: MetroIntelligence Economic Update by P. DUFFY

October Pending Home Sales Index down 2.6 percent from September and 6.7 percent year-on-year

The Pending Home Sales Index decreased 2.6 percent to 102.1 in October, down from 104.8 in September. Year-over-year contract signings dropped 6.7 percent, making this the tenth straight month of annual decreases.

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October construction spending dipped 0.1 percent from September, declined 4.7 percent year-on-year

Total construction spending fell 0.1 percent to $1.31 trillion in October.  Private residential outlays dipped 0.5 percent to the lowest since November 2017.  Year-on-year, overall spending fell by 4.7 percent, with private residential spending down 1.8 percent.

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September FHFA House Price Index up 0.2 percent from August and 6.3 percent year-on-year

According to the Federal Housing Finance Agency (FHFA) House Price Index (HPI), U.S. house prices rose 0.2 percent from August to September.  For the entire third quarter of 2018, house prices rose 1.3 percent from the second quarter, and were up 6.3 percent year-on-year.

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