Photo: REUTERS/Gary Hershorn
Economists have been getting increasingly bullish on housing, with some expecting home prices to rise 8 per cent this year. To gauge the housing recovery analysts watch data points like home sales and inventory for an insight into how tight the housing supply is.
They also watch for sentiment among homebuilders.
This week we see four important housing data points. Here’s what to expect:
- The NAHB housing market index for March is out on Monday at 10 a.m. ET. Economists polled by Bloomberg are looking for homebuilder sentiment to rise to 47, from 46 the previous month.
- Housing Starts for February are out 8:30 a.m. ET on Tuesday. Economists polled by Bloomberg are look for housing starts to rise 2.8 per cent month-over-month to 915,000, compared with the 8.5 per cent decline in January to 890,000. Meanwhile, building permits are expected to rise 2.1 per cent to 923,000, compared with a 1.8 per cent rise in January to 925,000.
- On Thursday, we get the FHFA house price index (HPI) for January at 9 a.m. ET. Economists polled by Bloomberg are look for HPI to rise 0.7 per cent month-over-month, compared with 0.6 per cent the previous month.
- Existing home sales for February are also out on Thursday, at 10 a.m. ET. Economists polled by Bloomberg are looking for existing home sales to rise 1.6 per cent month-over-month to an annual rate of 5 million, compared with a 0.4 per cent rise to an annual rate of 4.92 million in January.
While monthly data tends to be volatile, it gives us an insight into developing trends in the housing market.
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