Home sales fell 0.7% last month

Home sales fell 0.7% last month

Sept. 22:

Existing home sales dropped 0.7% in August. The Midwest was the only region that saw sales improve.

Leading indicators index continues to drop

The Index of Leading Indicators fell 0.4% in August. The index has dropped steadily since March 2022. The Conference Board, which publishes the index, says the decline indicates the economy is headed for “a challenging growth period and possible recession over the next year.”

Housing data, inflation update coming next week

Next week’s calendar focuses on more housing data. On Friday we’ll see the latest number for the Federal Reserve’s favored inflation index, the Personal Consumption Expenditures price index. There will also be $158 billion in Treasury note auctions.

State of the market

Markets continue to digest the Fed’s comments and updated economic projections released at Wednesday’s Federal Open Market Committee meeting conclusion. This morning, the Dow traded up and Treasury yields had changed little from Thursday morning.

Economic calendar

Tuesday, Sept. 26

  • S&P CoreLogic Case-Shiller Home Price Index
  • FHFA House Price Index
  • New Home Sales
  • Consumer Confidence

Wednesday, Sept. 27

  • Advance Durable Goods

Thursday, Sept. 28

  • Weekly Initial Jobless Claims
  • Q2 Gross Domestic Product
  • Pending Home Sales
  • Fed Chair Jerome Powell hosts a town hall with educators.

Friday, Sept. 29

  • Personal Consumption Expenditures Price Index
  • Personal Income/Personal Spending
  • Wholesale Inventories
  • University of Michigan Consumer Sentiment

Treasury calendar

Thursday, Sept. 21

  • Yesterday’s $15 billion auction of 10-year Treasury Inflation-Protected Securities (TIPS) resulted in a yield of 2.094%, with demand lower than at the previous such auction. The difference between 10-year Treasuries and 10-year TIPS reveals what the market expects the Consumer Price Index to be, on average, over the next 10 years. The spread traded at 2.38% this morning.

Tuesday, Sept. 26

  • $48 billion auction of two-year Treasury notes

Wednesday, Sept. 27

  • $49 billion auction of five-year Treasury notes
  • $24 billion auction of two-year Floating Rate Notes

Thursday, Sept 28

  • $37 billion auction of seven-year Treasury notes

By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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