Surge in Used Car Prices Keeps the CPI Positive

CPI Month-Over-Month Key Points

  • The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in September on a
     seasonally adjusted basis after rising 0.4 percent in August, according to the U.S. Bureau of Labor Statistics.
  • The index for used cars and trucks continued to rise sharply and accounted for most of the monthly increase in the seasonally adjusted all items index. The index for used cars and trucks rose 6.7 percent in September, its largest monthly increase since February 1969. 
  • The food index was unchanged, with an increase in 0.8 percent in September.

  • The energy index rose 0.8 percent in September as the index for natural gas increased 4.2 percent.

  • The index for all items less food and energy rose 0.2 percent in September after larger increases in July 


CPI and Core CPI Year-Over-Year 

CPI and Core CPI Year-Over-Year 2020-09

Year-Over-Year Key Details

  • Over the last 12 months, the all items index rose 1.4
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September surge in North Texas home sales sets records

North Texas home sales surged in September – up 27% from a year ago.

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It was the largest such annual price gain in more than a decade.

Real estate agents sold 11,408 single-family homes, a record number of purchases for the month of September, when sales typically slow.

But not this year.

Record low mortgage rates have caused a run on home buying even in the face of the COVID-19 pandemic.

Last month’s huge home sales increase is the fourth month in a row of double-digit percentage sales gains from 2019 levels, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

September’s year-over-year gain was the largest yet.

“It’s amazing that sales are up 27% over last years, but not surprising based on what I have been hearing,” said Paige Shipp, a housing analyst with CDCG Asset

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CoreLogic Risk Analysis Shows Hurricane Delta Threatens 293,685 Homes with Storm Surge Damage

—With striking similarities to Hurricane Laura, Hurricane Delta threatens the same coastal towns already struggling to recover—

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data analysis showing 293,685 single-family and multifamily homes across Louisiana and the U.S. Gulf Coast with a reconstruction cost value (RCV) of approximately $62.85 billion are at potential risk of storm surge damage from Hurricane Delta based on its projected Category 2 status at landfall. These estimates are based on the October 7, 5 p.m. Eastern Daylight Time (EDT) National Hurricane Center forecast.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201008005338/en/

Hurricane Delta: Number of Homes at Storm Surge Risk and Associated Reconstruction Cost Value (Graphic: Business Wire)

“After battering the Yucatán Peninsula near Cancún, Mexico, Hurricane Delta is headed for the Gulf Coast just weeks after Hurricane Laura brought significant wind and storm

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Oahu home prices surge to second consecutive monthly record

Reduced inventory and exceptional demand for bigger homes in September helped set a new price record in Oahu’s housing market that shattered a prior record from a month earlier.

The Honolulu Board of Realtors reported today that previously owned single-family homes on Oahu sold for a median $880,000.

September’s median sale price was 13% above the year-earlier figure of $770,000 and doused the prior record of $839,000 from August.

Some local real estate agents have said in recent weeks that extended government emergency orders aimed at containing the spread of COVID-19 are causing many people to spend more time living and working at home, prompting a significant number to seek bigger accommodations.

“Ultimately, the COVID-19 pandemic has changed how buyers think about purchasing a home, causing them to reevaluate their housing goals and priorities,” Tricia Nekota, president of the trade association representing real estate agents, said in a report released

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Homes sold two weeks faster in September due to unusual surge in demand

  • It took just 54 days to sell a home in September. That is the shortest time since realtor.com began tracking this metric in 2016. Back then it took 78 days.
  • The median price of a home sold in September was $350,000, up just over 11% annually.



a person standing in front of a building: People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Home buyers eying for cozy backyards and more office space are staging bidding wars in the suburbs surrounding New York City amid the spread of the COVID-19 pandemic.


© Provided by CNBC
People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020. Home buyers eying for cozy backyards and more office space are staging bidding wars in the suburbs surrounding New York City amid the spread of the COVID-19 pandemic.

Homebuyers hoping that a seasonal slowdown in the housing market would dampen rising prices can forget about it.

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More buyers piled into the fray in September, spurred by record-low mortgage rates and a pandemic-induced stay-at-home culture, pushing sales to an even faster pace.

In the first read on September

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US pending home sales leap to record as housing-market surge continues

A ‘sale pending’ sign is displayed in front of a home for sale May 24, 2010 in San Rafael, California. Government incentives and low mortgage rates helped April home sales surge 7.6 percent in April, the biggest gain in five months.


  • The National Association of Realtors’ Pending Home Sales Index surged 8.8% last month to an all-time high of 132.8, signaling the US housing market’s rally continued into the fall.
  • Economists surveyed by Bloomberg expected an increase of 3.1%.
  • The reading is the fourth-straight climb for the index. All four major US regions notched growth in August, with the West seeing the biggest improvement.
  • The pace of home sales rocketed through the summer as Americans leveraged record-low mortgage rates. The sector has served as a rare bright spot in the pandemic-rattled economy.
  • Visit the Business Insider homepage for more stories.

Record-low mortgage rates drove home sales

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New home sales surge to highest level since before the Great Recession

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

New home sales occurred at a seasonally-adjusted, annual rate of 1.011 million, the Census Bureau reported Thursday. That represents a 4.8% increase from an upwardly-revised pace of 965,000 homes in July. Compared with last year, new home sales are up 43%.

Economists polled by MarketWatch had expected home sales to drop to median pace of 900,000.

What happened: Not all parts of the country saw an uptick in sales despite the historically high rate nationally. New home sales fell 21.4% in the Midwest and 1.7% in the West. Comparatively, the South saw the biggest increase in sales with a 13.4% jump, while sales volumes rose by 5% in the Northeast.

The

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Sales of new homes surge 4.8% in August

NEW YORK (AP) — Demand for new homes continues to surge despite an ongoing pandemic and lingering anxiety about the U.S. economy. The pace of sales have now reached levels last seen before the Great Recession in 2006.



FILE - In this April 1, 2020 photo, a "For Sale" sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle. Sales of new homes rose by a very strong 4.8% in August to a seasonally-adjusted annual rate of 1.01 million units. The gains reported Thursday, Sept. 24 by the The Commerce Department follow steep declines in March and April when COVID-19 infections spread in the U.S. (AP Photo/Elaine Thompson, File)


© Provided by Associated Press
FILE – In this April 1, 2020 photo, a “For Sale” sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle. Sales of new homes rose by a very strong 4.8% in August to a seasonally-adjusted annual rate of 1.01 million units. The gains reported Thursday, Sept. 24 by the The Commerce Department follow steep declines in March and April when COVID-19 infections spread in the U.S. (AP Photo/Elaine Thompson, File)

Sales new homes in August rose by a very strong 4.8% to a seasonally-adjusted annual rate of 1.01 million units, the U.S. Department of Commerce

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US new home sales surge to fastest pace since 2006 as housing market shines through pandemic

Model homes and for sale signs line the streets as construction continues at a housing plan in Zelienople, Pa., Wednesday, March 18, 2020. U.S. new home sales fell 4.4% in February with bigger declines expected in coming months as the coronavirus puts a major crimp on home sales. (AP Photo/Keith Srakocic)


  • Sales of new US homes accelerated by 4.8% to an annual rate of 1 million units in August, the Census Bureau reported Thursday.
  • That pace is the highest since 2006 and marks four consecutive months of increasing sales.
  • The agency’s estimate of new homes for sale fell to 282,000, reflecting 3.3 months of supply at the current pace of sales. That’s the shortest period in data going back to 1963.
  • Though the housing market has been one of the few bright spots in the virus-rattled economy, some fear dwindling supply will soon halt the sector’s rally.
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New home sales surge to highest level since before the Great Recession, as buyers are pushed into the new construction market

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

New home sales occurred at a seasonally-adjusted, annual rate of 1.011 million, the Census Bureau reported Thursday. That represents a 4.8% increase from an upwardly-revised pace of 965,000 homes in July. Compared with last year, new home sales are up 43%.

Economists polled by MarketWatch had expected home sales to drop to median pace of 900,000.

What happened: Not all parts of the country saw an uptick in sales despite the historically high rate nationally. New home sales fell 21.4% in the Midwest and 1.7% in the West. Comparatively, the South saw the biggest increase in sales with a 13.4% jump, while sales volumes rose by 5% in the Northeast.

The

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