Weekly Economic Update: May 16-20, 2011
Overview: Existing home sales edged down 0.8% in April. Housing starts dropped 10.6% in April as building permits fell 4.0%. Industrial production was unchanged in April. Initial jobless claims fell by 29,000 to a level of 409,000 for the week ended 5/14.
- Existing home sales edged down 0.8% to an annual pace of 5.05 million units in April. Sales were down 13% from a year ago when the federal home-buyer tax credit was nearing its end. The median home price of $163,700 was down 5% from a year ago. Realtors blamed the lower than expected sales on tight lending standards and low home appraisals.
- Housing starts dropped 10.6% in April to an annual pace of 523,000 units as building permits declined 4.0% to an annual rate of 551,000 units.
- Industrial production was unchanged in April. Expectations had been for a 0.5% increase.
- Initial jobless claims fell by 29,000 to 409,000 for the week ended May 14th.