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Economy in Brief

U.S. Existing Home Sales Slipped Less Than Expected Last Month
by Tom Moeller August 27, 2007

Sales of existing homes fell again in July to 5.750M units. Though the decline of 0.2% from a revised 5.76M in June was slight, it still amounted to the lowest level since 2002 and was down 9.0% from the year earlier level. Sales were down 20.2% from the peak during September of 2005. Sales of 5.70M were expected by the Consensus of economists.

Sales of single family homes fell 0.4% last month to 5.0M after a revised 3.3% decline in June. Sales were 20.6% below the peak month of September 2005.

By region, single family home sales rose 1.4% (-2.7% y/y) in the Northeast but n the West sales rose 1.0% (-15.5% y/y) in July. Sales in the Midwest slipped 1.6% (-4.8% y/y) and down South sales slipped 1.0% (-10.4% y/y).

The inventory of single family "homes on the market" rose 2.7% (16.3%.

The median price of an existing single family home slipped 0.3% and versus last year fell 1.0%.

The broad aggregate data on existing home sales are included in Haver's USECON database; details about prices by region and inventories are available in the REALTOR database.

International Trade: A Larger Piece of the Economic Pie from the Federal Reserve Bank of Atlanta is Available here.

Existing Home Sales (SAAR, 000s) July June Y/Y 2006 2005 2004
Total Sales 5,750 5,760 -9.0% 6,510 7,065 6,727
Single-Family Sales 5,000 5,020 -9.3% 5,708 6,182 5,914
Median Single-Family Home Price (NSA,000s) $228.6 $229.2 -1.0% $221.9 $217.5 $192.8
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