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Economy in Brief

U.S. Existing Home Prices & Sales Hot
by Tom Moeller July 25, 2005

The median price of an existing single family home jumped 7.3% m/m in June to another record level, $218,600 (14.5% y/y). In just the first six month of this year prices have risen 15.7%.

June sales of existing homes rose 2.7% to a record 7.330M following a slight 0.6% dip in May that was revised shallower, according to the National Association of Realtors. Consensus expectations had been for sales of 7.13M.

The data reflect closings of home sales in earlier months.

Sales of single-family homes more than reversed the prior month's decline and rose 2.4% to 6.370M. Sales were strongest in the West and rose 5.4% (4.0% y/y) while sales in the Northeast rose 2.4% (3.6% y/y). In the Midwest sales rose 2.1% (-0.7% y/y) and in the South sales reversed the decline in May and rose 1.2% (6.0% y/y).

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

The Minutes to the latest meeting of the Federal Open Market Committee can be found here.

Existing Home Sales (000, AR) June May Y/Y 2004 2003 2002
Total Home Sales 7,330 7,140 4.4% 6,723 6,170 5,653
  Single Family Home Sales 6,370 6,220 3.2% 5,913 5,441 4,995
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