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Wednesday, May 15, 2013

Thursday: Housing Starts, CPI, Unemployment Claims, Philly Fed Mfg Survey

by Calculated Risk on 5/15/2013 08:58:00 PM

From April® Report Shows Housing Recovery Accelerating, As List Price And Inventory Increase

In April, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,750,839) increased by 4.12 percent month-over-month. On an annual basis, however, inventory decreased by 13.54 percent.

The median age of inventory of for sale listings (81) fell by nearly 11 percent in comparison to April last year.

Only seven markets throughout the nation experienced a one percent or greater year on year increase in housing inventory since April 2012. The Shreveport-Bossier City, LA market lead the pack with an increase of inventory of 19.16 percent since April last year. Springfield, IL; Huntsville, AL; Ocala, FL; El Paso, TX; Albuquerque, NM and Little Rock-North Little Rock, AR markets followed, respectively.
Note: reports the average number of listings in a month, whereas the NAR uses an end-of-month estimate. I think this is the smallest year-over-year decrease in inventory since at least 2011.

Thursday economic releases:
• At 8:30 AM, the Census Bureau will release Housing Starts for April. The consensus is for total housing starts to decrease to 969 thousand (SAAR) in April mostly because of a decline in multi-family starts.

• Also at 8:30 AM, the Consumer Price Index for April will be released. The consensus is for a 0.3% decrease in CPI in April (due to lower gasoline prices) and for core CPI to increase 0.2%.

• Also at 8:30 AM, The initial weekly unemployment claims report will be released. The consensus is for claims to increase to 330 thousand from 323 thousand last week.

• At 10:00 AM, the Philly Fed manufacturing survey for May. The consensus is for a reading of 2.2, up from 1.3 last month (above zero indicates expansion).

• At 12:30 PM, Speech by Fed Governor Sarah Bloom Raskin, Prospects for a Stronger Recovery, At the Society of Government Economists and National Economists Club, Washington, D.C