Market Overview

Sterne Agee Weighs In On May Housing Data

Share:

In a note released Monday morning, Sterne Agee analyst Jay McCanless commented on the housing sector's results for the month of May.

McCanless pointed out that 90 percent of U.S. homeownership transactions are due to existing home sales. Additionally, he noted approximately 68.5 percent of Sterne Agee's homebuilders' community exposure is in the top 25 markets; because of this, the firm's coverage focuses on these markets.

Sterne Agee May Housing Data Highlights

  • Top 25 existing homes sales declined 6.2 percent year-over-year compared to 8.2 percent for the national metric.
  • Of the 25 markets, 18 provide monthly pending sales. These 18 saw an average year-over-year decline of 0.3 percent (eight were positive) compared to 9.4 percent nationally.
  • Gross inventory increased 12.3 percent year-over-year compared to six percent nationally.
  • The University of Michigan's Consumer Sentiment Index increased from 81.9 in May to a revised 82.5 in June.
  • The Conference Board's Consumer Confidence Index increased from 82.21 in May to 85.18 in June.
  • Median price growth for the top 25 markets was 7.7 percent year-over-year, compared to 3.8 percent nationally.
 

Related Articles

View Comments and Join the Discussion!

Posted-In: Jay McCanless Sterne AgeeAnalyst Color News Econ #s

Latest Ratings

StockFirmActionPT
STZUBSMaintains238.0
ZMRBC CapitalMaintains550.0
ZMStifelMaintains450.0
ZMJP MorganMaintains450.0
DISUBSMaintains155.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com