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Wednesday, December 12 , 2018, 12:30 am | Fair 45º

 
 
 

Craig Greene: Housing Price Index Posts Monthly Gain

But the pending sales index falls 30 percent a month after rising 6 percent

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — rose 0.8 percent in April after a 0.1 percent decline in March.

The consumer confidence index fell to 52.9 in June from a revised 62.7 in May. Economists had anticipated a reading of 62.8. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 25 increased 8.8 percent. Refinancing applications rose 12.6 percent. Purchase volume fell 3.3 percent.

The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 56.2 in June after reaching 59.7 in May. A reading above 50 signals expansion. It was the 11th straight month of expansion.

Total construction spending fell 0.2 percent to $841.9 billion in May, following a revised 2.3 percent rise in April. Economists had anticipated a steeper drop of 0.5 percent in May.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 30 percent in May after a revised 6 percent increase in April.

Craig Greene is a senior loan officer at Prospect Mortgage, 3916 State St., Suite 100, Santa Barbara 93105. He can be reached at .(JavaScript must be enabled to view this email address) or 805.898.4211.

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