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Economy in Brief

U.S. Existing Home Sales Slipped
by Tom Moeller March 24, 2005

Sales of existing single family homes slipped 0.4% in February to 6.79M January. Consensus expectations had been for sales of 6.70M.

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 rose 4.6% (+4.6% y/y) and in the Midwest sales rose 2.0% (+4.2% y/y). In the South sales fell 3.4% (+8.0% y/y) and in the West sales were unchanged (+6.7% y/y).

The median price of an existing home single family home rose m/m to $188,200 (+9.4% y/y).

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

Existing Home Sales (000, AR) Feb Jan Y/Y 2004 2003 2002
Existing Single-Family  6,790  6,820 6.1% 6,723 6,170 5,653
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