Weekly Ecoconomic Update: August 20-24, 2012

Aug 27 2012

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Existing home sales increased 2.3% in July as new home sales rose 3.6%. Durable orders were up 4.2% in July. Initial jobless claims rose 4,000 to a level of 372,000 for the week ended 8/18.

• Existing home sales increased 2.3% to an annual rate of 4.47 million units in July. Sales were up 10.4% from a year ago. The median home price of $187,300 was up 9.4% from a year ago. Distressed sales accounted for 24% of July sales (down from 29% a year ago).

• New home sales rose 3.6% to an annual pace of 372,000 in July. Sales were up 25.3% from a year ago. The median new home price of $224,200 was down 2.5% from a year ago.

• Durable orders were up 4.2% in July. The increase was entirely due to motor vehicles and parts (up 12.8% for the month) and aircraft orders (up 53.9%). Excluding the more volatile transportation component, orders declined 0.4%.

• Initial jobless claims edged up 4,000 to a level of 372,000 for the week ended August 18th.

 

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