Homes selling above list prices continued to decline in the second half of 2018 and fell to a three-year low in the month of December. This follows many years where prices progressively sold above their listed price. Zillow reports that 19.4% of homes sold above list price in December, the lowest share in almost three years and marked the seventh straight month in which the rate declined. This is in stark contrast to the 24% share that sold above list in May 2018, which was the highest since the housing recovery.
After last week's slow economic calendar, this week features economic data from the inflation reading Consumer and Producer Price Index, Retail Sales, Consumer Sentiment along with NFIB's Small Business Optimism Index. There were no reports due for release today. The Job Opening and Labor Turnover Survey will also be released. Throw in lingering Brexit issues and the European economic slowdown, which could spark some volatility. Earnings season will begin to wind down. There will also be several Fed members speaking this week including Fed Chair Powell.
Another government shutdown is looming for this Friday at midnight, says acting White House Chief of Staff Mick Mulvaney. Lawmakers from the House and Senate are scrambling to come up with a bill to present to President Trump this week before a shutdown occurs. Sources say that border wall funding talks have broken down and hopes for a deal is fading quickly. The recent shutdown was the longest in history.
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