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Economy in Brief
U.S. Government Budget Deficit Deepens
The U.S. Treasury Department reported that the federal government budget deficit for February of $234.0 billion...
Wholesale Inventories and Sales Rise
Wholesale inventories increased 1.2% m/m (7.7% y/y) during January...
EMU PMIs Take Grim Turn for the Worse
Manufacturing has continued to plunge while the services metric has stabilized in the past several months by drifting mostly sideways...
U.S. Leading Economic Indicators Rebound
The Conference Board's Composite Index of Leading Economic Indicators increased 0.2% (3.0% y/y) during February...
Philadelphia Fed Manufacturing Index Rebounds but Prices Weaken
The Philadelphia Fed reported in its Manufacturing Business Outlook Survey that the General Business Conditions Index rebounded this month to 13.7...
by Tom Moeller February 25, 2005
Sales of existing single family homes fell for the second month and earlier sales estimates were revised down. January sales of 5.94M fell 0.5% from December which fell 2.8% from November. Consensus expectations had been for December sales of 6.75M.
Improved methodology and better modeling led to monthly revisions back through 1999. The figures reflect closings of home sales in earlier months.
Sales were mixed m/m across the country's regions. In the Northeast sales fell 3.7% (+6.8% y/y) and in the Midwest sales fell 5.8% (+9.2% y/y). In the South sales rose 3.0% (+13.3% y/y) and in the West sales ticked 0.7% higher (+17.7% y/y).
The median price of an existing home single family home fell m/m to $186,900 (+9.8% y/y).
The latest release from the National Association of Realtors is available here.
| Existing Home Sales (000, AR) | Jan | Dec | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Existing Single-Family | 5,940 | 5,970 | 12.5% | 5,913 | 5,441 | 4,995 |
