The word “should” appears in way too much economic commentary. That’s true of the whole broad range of subjects that are related to the economy, but where “should” really comes up is in relation to the labor market. It’s really no mystery why given that the unemployment rate is at an extreme the rest of the data is nowhere near. [...]
How much growth is enough? It’s a pretty simple question that upon close examination leaves no easy answers. This is a problem that has plagued economists since there were economists. Recognizing very real dangers on both sides, there is as much trouble about “too much” as “too little.” The purpose of the modern central bank, then, is to moderate and [...]
The National Association of Realtors is confused. The trade group for real estate professionals and salespeople just reported a significant drop in the level of resales for January 2018. After peaking at an annual pace of 5.72 million (revised) in November, existing home sales declined to 5.56 million (revised) in December and now just 5.38 million last month. That’s the [...]
The National Association of Realtors (NAR) reported that sales of existing homes, or resales, declined sharply in December 2017. Falling 3.6% from November (revised lower), that merely suggests what other data has been pointing toward. The hurricanes that hit the South caused distortions in economic conditions, bunching up activity into especially October and November. The lower estimates for December appear [...]
Sales of existing homes soared in November 2017, according to the National Association of Realtors (NAR). Up 5.6% in just the one month, at 5.81mm (SAAR) homes sold that’s the highest pace for resales since December 2006. After several months of glaring weakness, either a delayed rebound from hurricane disrupted activity or a burst of renewed optimism has gripped the [...]
The National Association of Realtors (NAR) estimates sales of existing homes rose 2% in October 2017 from a downwardly revised September estimate. The trade group tries its best to put recent results in the best possible terms, claiming in its press release that at 5.48 million (SAAR) the number of resales is “their strongest pace since June.” That’s technically true [...]
For the second consecutive month, the Census Bureau estimates that sales of newly constructed homes fell year-over-year as well as month-over-month. The data provided by the National Association of Realtors (NAR) for the resale market suggests there isn’t nearly enough supply of homes for sale. Other estimates also published by Census Bureau (permits/starts) declare again that builders aren’t building new [...]
The National Association of Realtor (NAR) reports today that sales of existing homes in the US were down 1.7% in August 2017 from July. At a seasonally-adjusted annual rate of 5.35 million, that’s the lowest pace for resales since July 2016. It is yet another data point reflecting the almost certain end of “reflation” in the economic sense. The NAR [...]
The use of weather as an economic excuse, obviously, is meant as a way of avoiding uncomfortable questions and factors. The incongruence of the attempt was most egregious in what came to be known as the Polar Vortex of Q1 2014. The weather was unusually cold, to be sure, but that doesn’t account for why so many economic statistics suddenly [...]
Home resales rebounded in September according to the National Association of Realtors (NAR) from an admittedly lackluster summer. Outside of that narrow view of just the past three months, resales, however, really haven’t grown at all going back to last summer. Year-over-year, sales were down 1.8% in July, up just 0.2% in August, and only 0.6% in September. Like Ford’s [...]
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