The Commerce Department releases data on housing starts Tuesday. The National Association of Realtors gives its latest update on home sales Thursday. The University of Michigan delivers its final consumer sentiment reading for November on Friday.
The Commerce Department releases data on Tuesday providing more insight into the health of the housing market.
Industry analysts forecast that homebuilders broke ground on a seasonally-adjusted 1,340,000 new homes in October, or slightly less than September’s figure. Supply of existing homes on the market has put more pressure on the pace of builders to help meet demand, though they still face higher costs.Economists project that sales of previously occupied homes rose last month to a seasonally adjusted annual rate of 3.88 million homes. The housing market remains tight.
Analysts expect the index, which measures how Americans are feeling about the economy and their personal finances, will remain unchanged from its initial reading. That showed a rise in sentiment for the fourth straight month. The index is closely watched because consumer spending accounts for about 70% of U.S. economic activity.
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