6/23: MetroIntelligence Economic Update by P. DUFFY

May existing home sales fell 9.7 percent from April and 26.6 percent year-on-year

In May, total existing-home sales slumped 9.7 percent from April and 26.6 percent year-on-year to a seasonally-adjusted annual rate of 3.91 million. The median existing-home price for all housing types in May was $284,600, up 2.3 percent from May 2019, as prices increased in every region. Unsold inventory sits at a 4.8-month supply at the current sales pace, up from both 4.0 months in April and from the 4.3-month figure recorded in May 2019.


Chicago Fed National Activity Index suggests economic growth increased substantially in May

Led by improvements in production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +2.61 in May from –17.89 in April.  All four broad categories of indicators used to construct the index made positive contributions in May, and all four categories increased from April.


State-level consumer confidence data aligns closely with level of Covid-19 cases

Since June 1, consumer confidence has increased by 2.2 points on average. In six states, confidence increased by over 5 points during that time period, while it declined by an average of 0.4 points in six other states. From the perspective of businesses and policymakers, this state-level data indicates that the rebound in consumer spending in June is likely to be stronger in the Northeast than it is in the South, the region that has the most states with increasing COVID-19 cases.