New Home Sales (September 2015)

- New Home Sales (seasonally adjusted, annualized) 468,000. Previous was 529,000.

This is down 11.5% from August and up 2.0% from September 2014. Sales were down in all 4 regions most notably in the Northeast where sales were -61.8% month/month.

This is weaker than expected. New Home Sales are important because homebuilding supports many jobs.  The long term picture of New Home Sales is cloudy.  Some of the clouds are tougher mortgage lending standards, student debt which makes it more difficult for Millennials to qualify, and general uncertainty about the economy. 

It should also be noted that the new TRID disclosures will have the effect of slowing things down probably until the end of this year.  New Home Sales measures ratified deals not actual closings.

 

 

 

Dallas Federal Reserve Manufacturing Survey (October 2015)

- General Activity Index  -12.7. Previous was -9.5.

The Dallas Fed conducts this monthly survey of manufacturers in Texas regarding their operations in the Lone Star State.  Texas continues to be hit by the decline in operation oil rigs.