Triangle home sales increase; consumer sentiment drops
Posted July 13, 2012
Economic data was sparse this week. The University of Michigan’s Consumer Sentiment report came in lower than expected on Friday, offering a reading of 72 in July versus 73.2 in June. The July reading was the lowest in seven months, no doubt being influenced by the economic uncertainty both here at home and across the globe. The Producer Price Index report, also out today showed us that prices rose ever so slightly, and reinforced the notion that inflation is well in check for now. Despite the mixed economic data, the Dow was strong today, and ended up over 200 points by closing time Friday.
Treasury Yields seemed somewhat indifferent to the PPI and Sentiment data, and the 10 year yield finished the day at 1.49, indicating that mortgage rates remain strong.
Triangle Home Sales were up 19% in June according to the most recent data out from the Triangle Multiple Listing Service. Triangle Housing fundamentals continue to improve, with median home prices increasing, and days on the market numbers decreasing.
Have a wonderful weekend!