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Economy in Brief

Existing Home Sales Up, 2003 Sets Record
by Tom Moeller January 26, 2004

Sales of existing single family homes reported by the National Association of Realtors rose 6.9% m/m in December. The rise to 6.47M. erased much of the prior two months' decline from the record high in September. Consensus expectations had been for a smaller increase versus November that was little revised.

The figures reflect closings of home sales in earlier months.

Sales rose across the nation. In the Northeast sales rose 2.9% (+9.1% y/y). In the Midwest sales gained 9.4% (+3.7% y/y). Sales in the South rose 5.3% (+10.7% y/y) and in the West sales added 7.9% (+10.6% y/y).

The median price of an existing home rose 1.9% m/m to $173,200 (+6.7% y/y).

The latest release from the National Association of Realtors is available here.

Existing Home Sales (000, AR) Dec Nov Y/Y 2003 2002 2001
Existing Single-Family  6,470  6,050 8.9% 6,102 5,595 5,292
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