We discuss the Housing Econ Reports that came out this busy week for housing data from Existing Home Sales, FHFA House Price Index, the Case-Shiller Home Price Index, Mortgage Applications, and the New Home Sales data in this Housing News video.
Some good and some bad in the housing data this week, but overall trends are still in place. Existing Home Sales disappointed, with the House Price Indexes basically flat to slightly positive when you take in the prior revisions to the data. Mortgage Applications didn't fall off a cliff as they sometimes do with this noisy metric and hung in there after a strong print the last report, with New Home Sales slightly positive month over month once you add in the prior month's revision in the data. Don't expect a lot of surprises here until the economy either takes the next leg up in terms of growth spurt or rolls over completely as we come to the end of the business cycle supported through extremely easy monetary and lending conditions via historically low interest rates and mortgage rates.