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Economy in Brief
U.S. Energy Prices Are Mixed
Retail gasoline prices slipped to $2.88 per gallon last week (+24.2% y/y)...
U.S. Home Builder Index Backpedals
The Composite Housing Market Index from the NAHB-Wells Fargo fell 2.9% (+3.0% y/y) to 68 during June ...
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...
by Tom Moeller June 23, 2005
The National Association of Realtors reported that sales in May of existing homes declined a modest 0.7% to 7,130M versus the unrevised record during the prior month. Consensus expectations had been for roughly the same decline to 7.15M.
The data reflect closings of home sales in earlier months.
Sales of single-family homes fell 1.1% to 6.210M and were down m/m throughout the country except in the West where they rose 1.4% (-1.3% y/y). Sales in the South slipped 0.8% (+5.6% y/y) and in the Midwest closings dropped 4.7% (0.0% y/y). In the Northeast sales fell 1.2% (+3.7% y/y).
The median price of an existing single family home rose slightly m/m to a record $204,600 (12.2% y/y).
The latest release from the National Association of Realtors is available here.
Fed Chairman Greenspan's Testimony on China is available here.
| Existing Home Sales (000, AR) | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total Home Sales | 7,130 | 7,180 | 3.5% | 6,723 | 6,170 | 5,653 |
| Single Family Home Sales | 6,210 | 6,280 | 2.5% | 5,913 | 5,441 | 4,995 |
