April new home sales dipped 11.4 percent from March’s 10-year high but still slightly above year-ago levels
Sales of new single-family houses in April 2017 were at a seasonally adjusted annual rate of 569,000. This is 11.4 percent below the revised March rate of 642,000, but is 0.5 percent above the April 2016 estimate of 566,000.
April existing home sales dipped 2.3 percent from March but still up 1.6 percent year-on-year
Due largely to lack of inventory, total existing home sales dipped 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March. Despite last month’s decline, sales are still 1.6 percent above a year ago and at the fourth highest pace over the past year. The median existing-home price in April was $244,800, up 6.0 percent from April 2016 ($230,900).
Flash U.S. Composite Output Index rebounds modestly in May, best showing since February
The seasonally adjusted IHS Markit Flash U.S. Composite PMI Output Index revealed a modest rebound in private sector business activity growth in May. At 53.9, up from 53.2 in April, the headline index pointed to the strongest upturn in U.S. private sector output since February. Faster business activity growth was driven by the service sector (‘flash’ index at 54.0 in May), which more than offset the weakest rise in manufacturing production since September 2016 (‘flash’ output index at 53.3).
Richmond Fed’s Manufacturing Survey slips in May
Manufacturers in the Fifth District were somewhat less upbeat in May than in the prior three months, according to the latest survey by the Federal Reserve Bank of Richmond. Looking six months ahead, manufacturing executives remained generally optimistic, although the only index to increase was expected capital expenditures.