Last week’s economic news included readings on builder confidence in housing market conditions, housing starts, building permits issued and existing home sales. Weekly reports on mortgage rates and new jobless claims were also released. The National Association of Home Builders reported that home builder confidence fell one point in July to 59 as compared to an expected reading and June reading of 60. Builders again cited shortages of buildable lots and labor.
November sales of pre-owned homes dipped lower than expected and prior monthâs readings according to the National Association of Realtors (NAR). Analysts expected existing home sales to slow to a seasonally-adjusted annual rate of 5.30 million sales, which was based on Octoberâs reading of 5.32 million sales. Instead, Novemberâs reading dropped to 4.76 million sales. Novemberâs drop represented a decline of 10.50 percent drop in existing home sales month-to-month; existing home sales were 3.80 percent lower year-over-year.