Real Estate News for the week of July 21st, 2014

Welcome to the Real Estate Report for the week of July 21st

The Mortgage Bankers Association has reported a loss for the week ending July 11th with the seasonally adjusted composite index for mortgage applications which saw a 3.6% decrease from the previous week. The volume of home purchases decreased 8% and refinance Applications fell 0.1%.

New construction of single-family homes and apartments fell 9.3% to a seasonally adjusted annual rate of 893,000 units for June, compared to the revised estimate of 985,000 units for May. Single-family starts recorded a decrease of 9% and multifamily starts followed suit with a drop of 9.9%. Year over year, housing unit starts for June were up 7.5% compared to last year. Applications for new building permits were 4.2% below the revised rate for May at a seasonally adjusted annual rate of 963,000 units.

Total business sales for May came in at $1,343.3 billion, an increase of 0.4%. Sales we up up 4.6% when compared to May 2013. Business inventories also saw an increase in May of 0.5% to $1,737.4 billion. From a year ago, inventories have increased 5.6%. For May, the total business inventory to sales ratio was 1.29.

Retail sales for June rose 0.2% to $439.9 billion. Following a May revised increase of 0.5%. When compared to June 2013, retail sales have seen an increase of 4.3%.

The nation’s factories, mines and utilities reported a 0.2% increase in Industrial production for June, this is on the heels of a revised 0.5% gain in May. Industrial production has seen an increase of 5.5% from last year and capacity utilization for June was unchanged at 79.1%.

Initial claims for unemployment benefits came in at 302,000, a drop of 3,000 for the week ending July 5th. Continuing claims for the week fell by 79,000 to 2,507 million, the lowest level since June 2007. Unemployment benefit claims for the less volatile four-week average came in at 309,000, a new recovery low.

 

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