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Schedule for Week of May 21, 2017

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The key economic reports this week are April New and Existing Home sales, and the second estimate of Q1 GDP.

—– Monday, May 22nd —–

8:30 AM: Chicago Fed National Activity Index for April. This is a composite index of other data.

—– Tuesday, May 23rd —–

New Home Sales10:00 AM ET: New Home Sales for April from the Census Bureau.

This graph shows New Home Sales since 1963. The dashed line is the March sales rate.

The consensus is for a decrease in sales to 604 thousand Seasonally Adjusted Annual Rate (SAAR) in April from 621 thousand in March.

10:00 AM: Richmond Fed Survey of Manufacturing Activity for May.

—– Wednesday, May 24th —–

7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

9:00 AM: FHFA House Price Index for March 2017. This was originally a GSE only repeat sales, however there is also an expanded index.

Existing Home Sales10:00 AM: Existing Home Sales for April from the National Association of Realtors (NAR). The consensus is for 5.67 million SAAR, down from 5.71 million in March.

Housing economist Tom Lawler estimates the NAR will report sales of 5.56 million SAAR for April.

During the day: The AIA’s Architecture Billings Index for April (a leading indicator for commercial real estate).

2:00 PM: FOMC Minutes for the Meeting of May 2 – 3, 2017

—– Thursday, May 25th —–

8:30 AM ET: The initial weekly unemployment claims report will be released. The consensus is for 237 thousand initial claims, up from 232 thousand the previous week.

11:00 AM: the Kansas City Fed manufacturing survey for May.

—– Friday, May 26th —–

8:30 AM: Durable Goods Orders for April from the Census Bureau. The consensus is for a 0.9% decrease in durable goods orders.

8:30 AM: Gross Domestic Product, 1st quarter 2017 (Second estimate). The consensus is that real GDP increased 0.8% annualized in Q1, up from the advance estimate of 0.7%.

10:00 AM: University of Michigan’s Consumer sentiment index (final for May). The consensus is for a reading of 97.6, down from the preliminary reading 97.7.
Calculated Risk

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