The report from this week's economic events have been shortened due to the holidays season. Economic details for this report includes the existing homes sales, new home sales, and consumer sentiment. Here are the specific details:
As per the National Association of Realtors, previously owned homes sales dropped to 4.76 million from October's seasonally adjusted rate of 5.32 million. The expected sales figure is 5.30 million, which makes the end result considerably low. Possible factors that led to this low results include pent up demands that are due to low inventories of for sale homes, alongside the issues regarding their affordability which is also caused by the high demands.
However, even though sales for pre owned homes went down, November's sales result for new homes had a 4.3% rise. This is based on a revised reading of 470,000 sales from October. October had an original reading of 495,000 of new home sales, which became a figure basis for a 505,000 new home sales projection on a seasonally adjusted annual basis. The sales for new homes rose by 9.10% for its November year over year reading, and the new home sales account for around 9% of home sales.
Furthermore on the new home sales, the reports for regional new home sales have been mixed and the Northeast part dropped 28.6% while the Midwest experienced a 20.5% gain. The South got a 4.5% new home sales increase while the West experienced an 8.6% drop. Furthermore, financial news from last week ended up with optimism as December's reading for consumer sentiment rose from November's 91.3 to 92.6, it even got past the analysts' expected score of 92.
What's ahead for this week's report should include pending home sales, Case - Shiller home price indexes, and December's consumer sentiments. However, no reports may be issued this weekend in observance of the holiday. We should expect details after New Year's Day.
