April’s pending home sales index from the National Association of Realtors fell 1.3% to a 109.8. The index is 3.3% lower than April 2016, for the first yearly decline since December. Economists expected a 0.5% increase. The Realtors forecast 5.64 million previously-owned home will sell in 2017, up 3.5% from 2016 and marking the best year for sales since the housing slump started in 2006. By region, pending-home sales were down 1.7% in the Northeast, off 4.7% in the Midwest, and 2.7% in the South. The West was the only region with an increase in April, up 5.8% although it’s still lower than a year ago.
The Chicago Purchasing Managers Index fell to 55.8 in May from a 28-month high of 58.3 in April, according to MNI Indicators. Readings over 50 indicate improving conditions. New orders and production both slowed, more than half of the executives surveyed said their companies plan to hire more workers in the next three months. About 40% who plan to hire said they expect to add permanent employees, 33% are lookijng for temporary help, and 27% are looking for both.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
