Personal income, Pending home sales, Real house prices

by WARREN MOSLER

Flattened out at modest levels of growth with no sign that the tax cuts have led to an acceleration:

Pending home sales fall for seventh straight month in July

  • Signed contracts to buy existing homes fell 0.7 percent in July compared with June, according to the National Association of Realtors’ pending home sales index.
  • The gauge was down 2.3 percent compared with July 2017. That is the seventh straight month of annual declines.
  • Pending home sales are an indicator of future closed sales.

Adjusted for inflation, house prices don’t look so high:

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