·
Total existing home sales
fell for the second consecutive month, according to the National
Association of Realtors The 1.7% decline to 6.970M (AR) in November
followed an unrevised 2.7% October drop that left sales 5.2% below the
record level set in June. Consensus expectations for sales last month
had been for less of a decline to 7.00M.
· Sales of single-family homes fell another 1.9% on top of the 2.5% October fall to 6.110M. The latest level was down 4.4% from the June peak. Though sales of condos & co-ops were flat m/m, they are off 10.4% from the peak in June.
· The data cover sales closed in the latest and previous months, and contrast to the new home sales data which count sales at the signing of a contract.
· Single family home sales fell hardest m/m in the West where a 4.0% drop left sales 8.9% below the June peak. In the Northeast sales fell 1.2% after the 8.0% drop in October and in the South sales dipped just 0.4%. In the Midwest single family sales fell 2.8% (0.0% y/y), off 7.4% from the August peak.
· The median price of an existing single-family home fell 1.5% m/m to $213,500 (+13.5% y/y). Prices are not seasonally adjusted.
· The latest release from the National Association of Realtors is available here.
· The Baby Boom: Predictability in House Prices and Interest Rates from the Federal Reserve Board can be found here.