Weekly Economic Report

Weekly Economic Report 10.17.17

KEY MARKET INDICATORS as of Oct 17, 2017

Key Market Indicators 10.17.17 Lower Sales

August Home Sales by State

Existing home sales account for a large part of the total home sales, and drive the purchase originations market. Existing home sales in August were down 0.7% from 12 months ago nationally. But there are potentially large variances across states. We have compiled data from 39 states that publicly report home sales. Together, sales were up 1% in these states: Washington, Nevada, Georgia, New Jersey, and Alabama reported ~5% year-over-year growth in August. Most states in the Midwest also performed well, reporting 3-4% year-over-year growth. The Carolinas reported ~2% growth. Eight states reported lower sales compared to a year ago, with Texas, Illinois, New York, Colorado, and Minnesota being some of the larger states with lower sales.

I found the following two stories from last week interesting:

  1. Goldman Sachs is buying Genesis Capital, a company that backs investors seeking to buy, spruce up and quickly sell homes. It was founded in 2007, and has been growing rapidly. It lent $1 billion last year, up from $50 million in 2013. (WSJ.com)
  2. GM to Idle Detroit Car Factory Amid Slow Demand for Passenger Cars. Lower gasoline price has shifted demand to larger vehicles, and there is no longer any pent-up demand in the auto industry. (WSJ.com)
Weekly Economic Graph 10.17.17 Lower Sales

* FHFA Purchase-Only Home Price Index

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