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Economy in Brief

U.S. Existing Home Sales Up More Than Expected
by Tom Moeller April 25, 2005

Sales of existing homes rose 1.0% in March to 6.890M versus Consensus expectations for sales of 6.78M.

Improved methodology, better modeling and the addition of condo & co-op sales affected the figures back to 1999. The data reflect closings of home sales in earlier months.

Single-family home sales increased 1.2% in March but remained 1-2% off last year's highs.

Single family home sales rose m/m across the country's regions. In the Northeast sales improved 1.2% (3.7% y/y) and in the Midwest sales rose 1.5% (2.2% y/y). Sales in the South increased 0.9% (5.4% y/y) and in the West sales rose 1.4% (5.7% y/y).

The median price of an existing single family home rose sharply m/m to $193,600 (+11.3% y/y).

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

Existing Home Sales (000, AR) Mar Feb Y/Y 2004 2003 2002
Total Home Sales 6,890 6,820 4.9% 6,723 6,170 5,653
  Single Family Home Sales 6,040  5,970 4.5% 5,913 5,441 4,995
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