Waco index slip barely shows in October

WACO – The sale and construction of homes slipped in October and overall spending turned sluggish, causing the Greater Waco Economic Index to stumble in month-over-month performance for the first time in nearly two years.

The economic index hit 112.7 in October — down a tenth of a point from the adjusted total of 112.8 in September, but still 5.3 percent better than the 107 in October last year, according to Amarillo economist Karr Ingham.

Inflation-adjusted spending in October rose a modest 1.4 percent compared to the same month in 2012. Spending on new and used automobiles in October hardly revved its engine, improving only 1.5 percent from the same month last year.

The $15.5 million value of building permits issued in October was not especially high compared to most other monthly totals this year. So far, contractors have received permits for projects worth $508 million.

Existing home sales in October posted the first year-over-year decline of 2013, with the number of closed sales down by more than 15 percent from October 2012. Year-to-date, housing sales have risen 7 percent compared to January–October 2012, reaching the highest number of sales for that period since the market sales peak in 2008.

The average home sales price of $144,837 so far this year is up 2.1 percent from the $141,894 for the first ten months of last year.