MetroIntelligence Economic Update by P. DUFFY
Pending home sales edge up 0.9 percent in July but down 14.0 percent year-on-year
Pending home sales improved in July, up 0.9% from June. Month over month, contract signings increased in the South and West but decreased in the Northeast and Midwest. Pending home sales fell in all four U.S. regions compared to one year ago, and were down 14.0% nationally.
June Case-Shiller Index rebounds to flat annual change, but regional differences are large
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported 0.0% annual change in June, up from a loss of -0.4% in the previous month. Before seasonal adjustment, the U.S. National Index posted a 0.9% month-over-month increase in June. Regional differences continue to be striking. On a year-over-year basis, June’s three best-performing cities were Chicago (+4.2%), Cleveland (+4.1%), and New York (+3.4%). At the other end of the scale, the worst performers were San Francisco (-9.7%) and Seattle (-8.8%).
Inflation tracker PCE Price Index up 0.2 percent in July and 3.3 percent year-on-year
The Fed-preferred PCE Price Index rose 0.2 percent in July, the same as in June and up from 0.1 percent in May. Prices for goods decreased 0.3 percent and prices for services increased 0.4 percent. The index rose 3.3 percent year-on-year, up from 3.0 percent the month before but down sharply from 3.8 percent in May. Over the previous 12 months, prices for goods decreased 0.5 percent and prices for services increased 5.2 percent. The’core’ index excluding food and energy costs rose 0.2 percent in July, also the same as in June but down from 0.3 percent in May. Year-on-year, the core index rose 4.2 percent, up from 4.1 percent in June but down from 4.5 percent in May.