Home prices, consumer confidence, pending home sales
A look at some of the key business events and economic indicators upcoming this week:
HOME PRICE TRACKER
U.S. home prices have risen more slowly in recent months as higher mortgage rates weigh on sales.
S&P’s CoreLogic Case-Shiller home price index, which tracks the value of homes in 20 major U.S. metropolitan areas, rose 5.2 percent in September from a year earlier. That’s down from a 5.5 percent gain in August. Did the trend continue in October? Find out Wednesday, when S&P issues its latest home price index.
S&P CoreLogic Case-Shiller home price index, annual percent change, by month:
Oct. (est.) 5.3
U.S. consumer confidence remains strong, but it has been slipping lately.
The Conference Board’s consumer confidence index fell to 135.7 in November from October’s 18-year high 137.9 and well above the reading of 90 or better that reflects a healthy economy. Economists predict that December’s consumer confidence index, due out Thursday, will show another small pullback this month.
Consumer confidence, monthly:
Dec. (est.) 133.8
HOME SALES BELLWETHER
The National Association of Realtors reports its tally of November pending U.S. home sales Friday.
The pending home sales index fell 2.6 percent in October, as higher mortgage rates made homebuying less affordable, discouraging some would-be buyers. The index, which is based on contract signings, has tumbled 6.7 percent from a year ago. Pending sales are a barometer of future home purchases.
Pending home sales index, monthly percent change:
Nov. (est.) 1.1