Recent Updates

  • US: Job Openings and Labor Turnover Survey (Oct)
  • Canada: Building Permits (Oct), Housing Starts (Nov)
  • Canada Regional: Bldg Permits by Province (Oct), Housing Starts by Province (Nov)
  • G10: Economic Sentix Index, Switzerland: NCI Economic Activity Index (Dec)
  • Nigeria: GDP (Q3)
  • Turkey: GDP (Q3), Survey of Expectations (Dec)
  • China: Vehicle Inventory Alert Index, Passenger Car Statistics (Nov)
  • more updates...

Economy in Brief

Existing Home Sales Up Slightly
by Tom Moeller January 2, 2008

According to the National Association of Realtors, sales of existing homes ticked 0.4% higher during November. The rise, however, did little to recover declines during the prior eight months which totaled 25.4% Moreover, sales remained nearly one third lower than at the peak in late 2005

Sales of single family homes led November's rise with a 0.7% gain which was the first m/m gain since February. Sales in the West jumped 10.1% (-25.6% y/y) but that was the only region to post a gain. Sales in the Midwest fell 0.9% m/m (-16.7% y/y). Single family home sales in the Northeast fell 3.0% (-19.0% y/y) and sales in the South fell 1.1% (-18.9% y/y).

The median price of an existing single family home rose 1.9% (-3.7% y/y) and recouped all of the prior month's decline.

Perspectives on Housing and the Economic Outlook from the Federal Reserve Bank of Kansas City can be found here.

Existing Single Family
Home Sales
November y/y % October November '06 2006 2005 2004
Total 5,000 -20.0 4,980 6,250 6,510 7,075 6,727
  Northeast 870 -19.4 1,080 1,030 1,088 1,169 1,113
  Midwest 1,180 -16.9 1,180 1,420 1,492 1,588 1,550
  South 1,990 -19.4 2,030 2,470 2,578 2,704 2,540
  West 960 -25.0 870 1,2800 1,353 1,616 1,575
Single-Family 4,400 -19.9 4,370 5,490 5,677 6,182 5,958
Median Price, Total, $ 210,200 -3.3 206,9000 217,300 222,000 218,217 193,233
close
large image