Even with a holiday-shortened week, there is still plenty of important real estate information being released, including new home sales and pending home sales for October.
Nov. 26:
S&P CoreLogic Case-Shiller National Home Price Index for September will be released, offering data on U.S. home prices in 20 major cities. The August 20-city composite index posted a year-over-year increase of 5.2%, dropping from a 5.9% increase in July. New York City led the way with an annual gain of 8.1% in August.
New home sales figures for October will be released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. New single-family home sales for September reached 738,000, up 4.1% from the revised August rate of 709,000. The total was also 6.3% higher year over year. These figures may be surprisingly positive, considering that existing home sales for the month were up 3.4%, despite rising interest rates and worries about political uncertainty.
Nov. 27:
The Personal Consumption Expenditures Price Index, also known as the PCE price index, will be released by the Bureau of Economic Analysis. The index tracks the prices that people pay for goods and services, and it is one of the Federal Reserve’s top inflation gauges. September prices increased by a scant 0.2%, fitting nicely with the Fed’s mission of bringing inflation down to 2%. Excluding food and energy, the index went up slightly more to 0.3% for the month. Food prices were up 0.4% during the month, while energy prices decreased by 2.0%. Overall, the PCE price index was 2.1% higher in September than a year earlier.
The National Association of Realtors (NAR) will release October Pending Home Sales figures. Pending home sales for September rose 7.4% from the previous month, with all four regions of the country showing month-over-month gains in transactions. This data may also be surprisingly positive, considering the month’s strong existing home sales.