The big US data today was in the housing markets as we got both the Case-Shiller and the new housing sales numbers. Here's my take on the news.
Both data sets were mixed. The Case-Shiller index showed the unadjusted Composite-20 index which I follow, falling year-on-year by 3.5%. This is a slight improvement over the previous month's data when the decline was 3.9%. A lot of people have been calling a housing bottom. I think this is premature. However, the data do speak to some improvements. The question is whether these are weather-related or whether they portend a good summer selling season. The data were from February.
On the new home sales side, the data showed a slight downtick in the number of new homes purchased in March to the lowest in four months. But the prior month's data ...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.