Economy/Ecommerce

According to the National Association of Realtors, the Pending Home Sales Index, a forward-looking indicator based on contract signings (but not closings), dropped to 107.7 in August from a downwardly revised 109.4 in July.

The Census Bureau and HUD reported that sales of new single-family houses in August 2013 were at an annualized rate of 421,000 units. That’s 7.9 percent higher than the revised July rate of 390,000 units and is 12.6 percent above the August 2012 total.

S&P Dow Jones Indices released the latest S&P/Case-Shiller Home Price Indices, which track U.S. home prices through the end of July (not August), and they showed continued increases.

Last week’s decision by the Federal Reserve not to taper QE3 left an open question: When will the tapering begin, since presumably it has to sometime?

The National Association of Realtors reported that total existing home sales nationwide rose 1.7 percent to an annualized rate of 5.48 million units in August, compared with 5.39 million in July.

The Census Bureau reported that U.S. private housing starts were at an annualized rate of 891,000 units in August.

The Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers edged up by 0.1 percent in August compared with July.

Another indication that the housing recovery still has some legs: FNC reported that its Residential Price Index, which tracks the 100 largest U.S. metro areas, was up 0.7 percent in July compared with June.