July 25,2018-
Home sales down…except SLO
The NAR reported recently that existing-home sales in the West declined 2.6 percent to an annual rate of 1.14 million in June, and are now 5.0 percent below a year ago. The median price in the West was $417,400, up 10.2 percent from June 2017.
California saw a similar pattern.California home sales stumbled in June as median price hit new high for second straight month, C.A.R. reports. Existing, single-family home sales totaled 410,800 in June on a seasonally adjusted annualized rate, up 0.4 percent from May but down 7.3 percent from June 2017.The year-over-year sales decline was the largest in nearly four years.
In Tulare County home sales were down 5.6% year over year, down 11% in Kings County an down 3.2% in Fresno County. On the other side of the coin San Luis Obispo saw a 9 % increase in home sales year over year.
Getting a jump on the market?
from Politico….USDA to end crop report ‘lockups’: Starting Aug. 1, the USDA will no longer give news media advanced access to crop and livestock reports by its National Agricultural Statistics Service and World Agricultural Outlook Board, which impact the commodity markets. The department said in a statement that there is evidence to suggest significant trading activity worth millions in the one to two seconds after reports are released to the public. “The inference is that private agents are paying the news agencies for faster data transmission to get a jump on the market,” USDA said.
High of cost of airline fuel hurting airlines
CNBC said that jet fuel is now about 60 percent more
expensive than last year. Airlines are expected to trim their
schedules in the fall. This week American Airlines posted lower
second-quarter profits and cut its earnings outlook for 2018 after
fuel costs surged during what CEO Doug Parker called the
carrier’s “most challenging quarter” since it merged with US
Airways five years ago.
Tulare Co jobless rate climbs
The unemployment rate in Tulare County was 9.6 percent in June 2018, up from a revised 8.5 percent in May 2018, and below the year-ago estimate of 9.7 percent. This compares with an unadjusted unemployment rate of 4.5 percent for California and 4.2 percent for the nation during the same period.
California dairymen cut their herd – await Federal order
There are 14,000 fewer cows in California than there were a year ago. Dairymen are facing lower milk prices this summer, under $14 per cwt , and are waiting to see if the changeover to a Federal Order from the state milk pricing system will make a difference says Tulare County dairyman Tom Barcellos.The new payment system will launch November 1 .