This week: housing starts, home sales, consumer sentiment
The Commerce Department releases data on housing starts Tuesday
A look at some of the key business events and economic indicators upcoming this week.
Building homes
The Commerce Department releases data on Tuesday providing more insight into the health of the housing market.
Industry analysts forecast that homebuilders broke ground on a seasonally-adjusted 1,340,000 new homes in October, or slightly less than September’s figure. Supply of existing homes on the market has put more pressure on the pace of builders to help meet demand, though they still face higher costs.
Housing starts, monthly, seasonally adjusted annual rate:
May: 1,315,000
June: 1,329,000
July: 1,262,000
Aug.: 1,361,000
Sept.: 1,354,000
Oct. (est.): 1,340,000
Source: FactSet.
Home sales update
The National Association of Realtors gives its latest update on home sales Thursday.
Economists project that sales of previously occupied homes rose last month to a seasonally adjusted annual rate of 3.88 million homes. The housing market remains tight. Mortgage rates have eased, but remain elevated relative to what they were just three years ago.
Existing home sales, in millions, seasonally adjusted annual rate:
May: 4.11
June: 3.90
July: 3.96
Aug.: 3.88
Sept.: 3.84
Oct. (est.): 3.88
Source: FactSet.
Consumer sentiment
The University of Michigan delivers its final consumer sentiment reading for November on Friday.
Analysts expect the index, which measures how Americans are feeling about the economy and their personal finances, will remain unchanged from its initial reading. That showed a rise in sentiment for the fourth straight month. The index is closely watched because consumer spending accounts for about 70% of U.S. economic activity.
Consumer Sentiment
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