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Economy in Brief

U.S. Existing Home Sales Fell Again
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
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