U.S. New Homes Sales Preview U.S. New Homes Sales Preview: April new home sales are expcted to increase 3.1% to a 430k (median 426k) pace for the month following the 417k pace set in March. The existing home sales report was slightly weaker than expected to 4.970 M for April versus a 4.990 M median but it appears that housing indicators are continuing their pace of gradual improvement.
U.S. FHFA home price index jumped 1.3% to 199.1 in March U.S. FHFA home price index jumped 1.3% to 199.1 in March from a revised 196.5 in February was 196.3). The index has posted monthly gains since February 2012. Compared to last March, the index is up 7.2% y/y. All 9 regions surveyed posted gains on the month. Q1 home prices were up 1.9% q/q, a seventh consecutive quarterly gain, reflecting the continued improvement in the housing sector.
U.S. initial jobless claims fell 23k to 340k in the week ended May 18 U.S. initial jobless claims fell 23k to 340k in the week ended May 18 from 363k the week before (revised up from 360k). The 4-week moving average dipped to 339.5k from 340k (revised from 339.25k). Not seasonally adjusted claims fell 19.8k to 301.1k from 320.8k previously (revised from 318.2k). Continuing claims plunged 112k to 2,912k in the week ended May 11 from a revised 3,024k (was 3,009k). There was nothing unusual in the data, according to the BLS. The slightly better than expected claims data could add to market concerns over the start of QE tapering sooner rather than later, but it's still not obvious action will be announced as early as June.
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