Forex »

US Homes Sales Increase

James Boston
Share on StockTwits
Published on
www.finances.com
US Homes Sales Increase

There is little evidence of cooling in the US housing market according to the latest numbers just published by the National Association of Realtors. The September Existing Home Sales figure has been reported as 5.17M, this is a solid increase on the August number of 5.05M and easily exceeds the expected 5.10M. In terms of a month on month change the Existing Home Sales Number is registering a rise of 2.4%, this follows the previous month’s drop of -1.8% and tops the expected increase of 1.0% for the month of September.

In terms of strength in the retail sector, the Redbook update has been published for the week ending 13th October. This is showing a year on year change of 4.1% compared to the previous week’s 3.8%. Month on month the figure is reported as having changed 0.1% in comparison to the flat reading experienced a week earlier. Chain Store Sales have also been reported for the weekly period to 15th October. The year on year change is registering at 2.1% in comparison to the 3.8% recorded the week earlier. On a week on week basis this number is showing a change of -0.3% following on from the fall of -0.7% the prior week.

Last week saw the announcement of the first drop in US Retail Sales since the beginning of this year. While retail spending is up almost 4.3% on a year earlier the latest recording of a monthly fall of -0.3% is evidence of some fragility in the underlying confidence of consumers. Record summer sales, particularly in the Automobile market, have absorbed a portion of consumers disposable income however it is likely a certain nervousness heading into the holiday season that is manifesting itself in the form of consumers hoarding cash, if this is the case it will become evident through a pick up in the Retail Sales numbers as the year draws to a close.

Share on StockTwits