·
Total October existing
home sales inched up 0.5% to 6.24M from a slightly higher revised
September level, according to the National Association of Realtors. The
m/m increase was the first since February and was firmer than Consensus
expectations for a decline to 6.15M sales.
· The data cover sales closed in the latest and previous months, and contrast to the new home sales data which tally sales at the signing of a contract.
· Sales of single-family homes reversed nearly all of the prior month's decline with a 1.3% increase to 5.50M but remained down 13.1% from the peak in June of 2005.
· The median price of an existing single-family home edged up 0.1% (-3.4% y/y) to 221,300 after two months of hefty decline. The price figures are not seasonally adjusted.
·
Most of last month's rise in single family home sales was due to a 7.1%
(-18.8% y/y) recovery in sales in the West. Sales also ticked up 0.8%
(-10.7% y/y) in the Midwest. In the Northeast sales slid another 1.3%
(-7.5% y/y) and down South sales slipped 0.9% 9-7.6% y/y).
· The inventory of unsold existing single family homes increased 1.9% (32.7% y/y) after two months of decline and rose to 7.2 months' supply on the market.
· The latest release from the National Association of Realtors is available here.
· The Economic Outlook and Monetary Policy from Charles I. Plosser President of the Federal Reserve Bank of Philadelphia can be found here.