Economy

Economic Data Roundup (04/27/2016)

4/27/16 12:00 PM

iStock_000009946822_Small.jpgThe only noteworthy economic data released this morning ahead of the Fed's big monetary policy announcement is a report from the National Association of Realtors (NAR). Specifically, the pending home sales index rose by 1.4 percent to 110.5 in March, better than expected and the highest reading since last May. The February print was revised slightly lower but sales still increased on a year-over-year basis in March, the 19th month in a row of annual growth. Sales expanded everywhere last month except in the Western region of the country where demand continues to be hurt by rapidly rising home prices (+38 percent over the past three years). NAR chief economist Lawrence Yun added that “Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March. This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth.”

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Sources: Econoday, ZH, National Association of Realtors

Post author: Charles Couch