MetroIntelligence Economic Update by P. DUFFY
Home prices up 15 percent year-on-year even as sales slowed prior to election
During the 4-week period ending November 8, the median home sale price increased 15 percent year over year to $321,553, the highest on record. Pending home sales climbed 31 percent year-on-year even as the number of pending sales continued a typical seasonal decline. Active listings (the number of homes listed for sale at any point during the period) fell 29 percent from 2019 to a new all-time low.
Consumer sentiment falls 5.9 percent in early November survey due to election result and rising virus cases
Consumer sentiment fell 5.9 percent in early November as consumers judged future economic prospects less favorably, while their assessments of current economic conditions remained largely unchanged. The outcome of the presidential election as well as the resurgence in covid infections and deaths were responsible for the early November decline.
Producer Price Index 0.5 percent year-on-year, highest annual increase since February
The Producer Price Index for final demand advanced 0.3 percent in October and was up 0.5 percent year-on-year, the largest annual advance since moving up 1.1 percent in February. The index for final demand less foods, energy, and trade services advanced 0.2 percent in October, the sixth consecutive increase. For the 12 months ended in October, prices for final demand less foods, energy, and trade services rose 0.8 percent, the largest advance since moving up 1.0 percent for the 12 months ended in March.