The IHS Markit flash U.S. manufacturing purchasing managers index rose to 53.2 in July from 52 in June. And that is a four month high. Readings increased for output, new orders, employment, and inputs. IHS said the increase is due to higher demand and clents being less risk averse. The flash U.S. services PMI meanwhile stayed at 54.2, tied for the best level since January.
Existing-home sales ran at a seasonally adjusted 5.52 million annual rate in June, according to the National Association of Realtors. That was 0.7% above the year-ago rate, but 1.8% lower than in May and was the second-lowest month of 2017. It missed the MarketWatch consensus forecast of 5.58 million. Inventory is 7.1% lower than a year ago, and there is 4.3 months of supply at the current sales pace. That’s pushing prices higher. The median sales price was $263,800, 6.5% higher compared to a year ago. That’s a new record and the 64th consecutive month of annual gains. Housing prices are growing at roughly double the pace of wages.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
