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The National Association of REALTORS® reported that existing-home sales increased by 1.5% in September to a seasonally adjusted annual rate of 4.06 million, marking a 4.1% increase Y/Y. Single-family home sales rose 1.7% to an annual rate of 3.69 million, increasing 4.5% Y/Y. Total housing inventory stood at 1.55 million units, up 14.0% Y/Y, which left unsold inventory at a 4.6-month supply rate. Properties typically remained on the market for 33 days in September, up from 28 days one year ago. The median existing-home price for all housing types reached $415,200, rising 2.1% Y/Y and marking 27 consecutive months of year-over-year increases. Regionally, sales saw increases in the Northeast, South, and West month-over-month, but fell in the Midwest. First-time homebuyers made up 30% of sales, and investors accounted for 15% of transactions. NAR Chief Economist Dr. Lawrence Yun attributed the rise in sales to falling mortgage rates and improving affordability. The average 30-year fixed-rate mortgage was 6.35% in September, according to Freddie Mac.
The Labor Department reported that the Consumer Price Index increased 0.3% in September (seasonally adjusted), following a 0.4% rise in August. The all items index rose 3.0% (before seasonal adjustment) over the past year, up slightly from 2.9% in August. September’s monthly increase was led by a 4.1% rise in the gasoline index, which drove a 1.5% advance in the broader energy category. The food index increased 0.2%, as food at home rose 0.3% and food away from home edged up 0.1%. Core CPI (all items less food and energy) increased 0.2%, after 0.3% gains in each of the prior two months, and was up 3.0% year over year. Shelter continued to be a key contributor, rising 0.2% for the month. Small declines were recorded in motor vehicle insurance (-0.4%), used cars and trucks (-0.4%), and communication (-0.2%). Categories showing notable annual increases included used cars and trucks (+5.1%), household furnishings (+4.1%), shelter (+3.6%), medical care (+3.3%), and recreation (+3.0%).
Seasonally adjusted, the S&P Global US Manufacturing PMI® rose from 52.0 in September to 52.2 in October, indicating another month of gradual improvement in manufacturing activity. The latest reading marked the ninth expansion in the past ten months, showing that factory conditions continue to strengthen. Production and new orders both grew at a faster pace, with new orders seeing the strongest gain in nearly two years, mainly due to solid domestic demand. Export sales, however, declined sharply as companies reported weaker demand from overseas markets such as China and Europe, citing the impact of tariffs. Manufacturers reduced input purchases to manage high inventory levels, though stockpiles still rose slightly. Job growth slowed to a three-month low as firms faced hiring difficulties and uncertainty about future demand. Input costs remained elevated, driven by tariffs and wage pressures, while selling prices rose more slowly as businesses competed for customers.
Tuesday October 28 – Consumer Confidence (October)
Wednesday October 29 – Fed Interest Rate Decision
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