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Economy in Brief
Japan's Loses Its Trade Surplus
In May, Japan has logged its second trade deficit in 13 months and only its third in the last 28 months...
U.S. Industrial Production Slips Unexpectedly
The Federal Reserve reported that industrial production eased 0.1% (+3.5% y/y) during May...
Empire State Manufacturing Index Continues to Strengthen
The Empire State Manufacturing Index of General Business Conditions rose to 25.0 during June, the highest level in eight months...
EMU Trade Deficit Shrinks
The EMU trade balance shrank in April, stepping back to a surplus of 18.1 bln euros from 19.8 bln euros in March....
U.S. Retail Sales Strengthen
Consumers were in a shopping mood last month...
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 |
