What I Saw Last Week
U.S. Construction Spending in September rose by 0.6% to a seasonally adjusted rate of $1.09B. I had forecast a rise of 0.5%.
Total construction spending in September was up 14.1% year-over-year and shows no sign of letting up just yet.
The Northwest Multiple Listing Service released data on home transactions in Washington State in October and there were few surprises.
Given the severe shortage of homes for sale, I was not surprised to see both pending and closed sales slow in October. I expect this trend will likely continue through the end of the year due to the lack of available inventory for buyers. Home prices are holding strong thanks to all the competition out there amongst buyers, many of whom are willing…
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