4/28: METROINTELLIGENCE ECONOMIC UPDATE by P. Duffy

March Pending Home Sales Index dipped 0.8 percent but still up 0.8 percent year-on-year

The Pending Home Sales Index declined 0.8 percent to 111.4 in March from 112.3 in February. Despite last month’s decrease, the index is 0.8 percent above a year ago.

 
 
FHFA:  February house prices up 0.8 percent from January and 6.4 percent year-on-year
 
U.S. house prices rose 0.8 percent in February according to the FHFA seasonally adjusted monthly House Price Index (HPI).  From February 2016 to February 2017, house prices were up 6.4 percent.
 
 
Chicago Fed’s National Activity Index slipped to .08 in March due to slower growth in employment
Led by slower growth in employment-related indicators, the Chicago Fed National Activity Index (CFNAI) moved down to +0.08 in March from +0.27 in February. The index’s three-month moving average, CFNAI-MA3, decreased to +0.03 in March from +0.16 in February, but remained positive for the fourth consecutive month.
 
March durable goods orders up for the third straight month
New orders for manufactured durable goods in March increased $1.6 billion or 0.7 percent to $238.7 billion. This increase, up three consecutive months, followed a 2.3 percent February increase.
 
Mortgage applications rise 2.7 percent in latest survey as rates dip
The Market Composite Index increased 2.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling one percent but refinances rising 7 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to its lowest level since November 2016, 4.20 percent.
 
 
Initial unemployment claims rise 14,000 in latest report
 
In the week ending April 22, initial unemployment claims were 257,000, an increase of 14,000 from the previous week’s revised level.  The 4-week moving average was 242,250, a decrease of 500 from the previous week’s revised average

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