National new home sales for July, 2016; blowout month!!

Sales of new single-family houses in July 2016 were 654,000 at a seasonally adjusted annual rate (SAAR), up 12.4 percent from June’s revised rate and up 31.3 percent from July 2015.

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US healthcare spending metrics

Sick Spending

Annual US healthcare spending is $8,713/person, by far the highest in the world. Switzerland comes next at $6,325/person, followed by Norway at $5,852/person. Canada is 10th at $4,351/person, less than half the US total. Among developed nations, Korea spends the least at $2,275/person. As a percentage of GDP, US spending is a staggering 16.4%, followed by Netherlands and Switzerland at 11.1%. Ireland’s spending is the lowest among developed nations, 8.1%.

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Elliot F. Eisenberg, Ph.D.
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National building permits and starts for July, 2016

Building permits in July 2016 were at a seasonally adjusted annual rate (SAAR) of 1,152,000, down 0.1 percent from the revised June rate, but up 0.9 percent from July 2015.
Housing starts in July 2016 were at a SAAR of 1,211,000, up 2.1 percent from June and up 5.6 percent from July 2015.

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National employment metrics for December, 2015; some good news and some bad new

labor

The good news is that Wake County ranked 51 out of the largest 343 U.S. counties in employment growth.
The bad news is Wake County ranked 218 out of 343 in terms of percentage wage growth.
Each of these rankings compared 2015 employment metrics with 2014 employment metrics.

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Core Logic report on national house prices; June, 2016

corelogic

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National homeownership rate metrics

Rising Rentership

Last week, we learned that the seasonally-adjusted homeownership rate declined to 63.1%, the lowest level since 1965, yes 1965, and a steep fall from the peak of 69.4% in 04Q2. Since the start of the recession in 01/08, there’s been no meaningful change in the number of owner-occupied houses. By contrast, there’s been a 21% rise in renter-occupied units. The homeownership rate is at or near bottom. Hello Gen-Y!

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Elliot F. Eisenberg, Ph.D.
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National new home sales commentary for June, 2016

Inventory Irritant

While existing home sales in June were at a seasonally-adjusted annual rate of 5.57 million, their highest level since 2/07, sales remain 22% off the peak of mid-2005. A key reason; a low inventory that essentially hasn’t budged since late 2011. And why might that be? A rise in the number of renter-occupied single-family homes (which aren’t for sale) from 10.5 million in 2000 to 17.5 million!

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Elliot F. Eisenberg, Ph.D.
GraphsandLaughs, LLC
elliot@graphsandlaughs.net
Cell: 202.306.2731
http://www.econ70.com

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