Shelter Six: October Home Sales Surge to Best Level Since 2006

October economic reports released last week painted a strong picture of recovery starting with Existing-Home Sales, which were 4% higher than the previous month and to the best level since 2006.

The Median Existing-Home Price was 16% higher than a year ago and up to a record $313K.

Retail Sales increased for the 6^th straight month and were .3% higher than in September.

Single-family Housing Starts rose 6% from September, were 29% higher than a year ago, and are now up to the highest level since 2007.

Builder Confidence surged to a record high level for the 3^rd straight month.

Housing Inventory levels were down 20% from a year ago to just a 2.5-month supply nationally, well below the 6.0-month supply considered a healthy balance between buyers and sellers.

Rate Update

Last week’s positive news about progress on a Covid vaccine was offset by rising coronavirus cases with the net result being rates remaining unchanged and near all-time lows.

This Week

New Home Sales, Durable Orders, and the Core PCE Price Index, the inflation indicator favored by the Fed, will all be released on Wednesday.