Bust and boom: Existing home sales, jobless claims
SPY•US existing home sales fell 5.5% in October to a 16-year low of 3.75 million annualized, while initial jobless claims rose 4.7% to 200,000 last week. Continuing claims fell 1.2% to 1.697 million, their lowest since April 2023.
1. Home sales hit low
Sales of pre-owned US homes fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, a 16-year low and 2.6% below consensus. Single-family sales dropped 5.8%, while condo and co-op sales declined 2.9%. The median home price slipped 0.4% from September, and supply rose to 5.1 months from 4.7 months.
2. Claims offer mixed signals
Initial jobless claims rose to 200,000 last week, 5,000 above consensus, while the four-week average remained around 195,000. Continuing claims fell 1.2% to 1.697 million, 13,000 below economists’ forecasts and the lowest level since April 2023. Economists cited subdued hiring and low layoffs, while one forecast layoffs could come under pressure next year as financial conditions tighten and firms increase AI use.
