- The S&P CoreLogic Case-Shiller home price index continued to post positive numbers in March, with a month-over-month increase of 0.5%. Annually, the 20-city index is up 3.5%. Phoenix, AZ led the index with an annual appreciation rate of 8.2%, followed by Seattle, WA with an annual appreciation rate of 6.9%.
- The Federal Housing Finance Agency (FHFA) house price index appreciated 0.1% month-over-month and 5.9% year-over-year. Like the Case-Shiller home price index, the data lags by one month, and has yet to show the full extent of the impact of the coronavirus pandemic on home prices.
- The consumer confidence index improved slightly in May, up to a reading of 86.6.
- New home sales unexpectedly increased in April, up 0.6% month-over-month. Year-over-year, however, sales declined 6.2%. Regionally, the data was mixed. The Northeast experienced the largest month-over-month gains up 8.7%, followed by the Midwest and South, each up 2.4%.
- For the week ending 5/22, new purchase application submissions jumped 9.0% and refinance application submissions declined just 0.2% for a composite increase of 2.7%.
- The Federal Reserve released its Beige Book on Wednesday and predicted economic contraction would continue through June. Many industries have been hit by stay-at-home orders and coronavirus-related closures especially travel, leisure, and hospitality.
- In the first quarter of 2020, GDP growth slowed at a pace of 5%. Economic contraction is likely to continue due to widespread job loss and a slowdown in consumer spending.
- Pending home sales declined 21.8% month-over-month in April, and 33.8% year-over-year. Each region experienced a decrease.
- In April, personal incomes jumped 10.5% month-over-month bolstered by stimulus checks and expanded unemployment benefits. Consumer spending dropped 13.6% month-over-month.
- The consumer sentiment index turned around in May, rising to a level of 72.3.
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