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Economy in Brief
Kansas City Federal Reserve Factory Index Hits Record High
The Kansas City Fed reported that its index of regional manufacturing sector business activity surged to a record 26...
U.S. Initial Unemployment Insurance Claims Decline Sharply
Initial claims for unemployment insurance fell sharply to 209,000 (-17.1% y/y)...
German Confidence Flattens and Falters
German confidence for May is mooted at a 97.8% queue percentile standing...
U.S. Mortgage Loan Applications Are Little Changed; Rates Remain High
The MBA total Mortgage Applications Volume Index eased 0.2% last week (-1.9% y/y)...
Japan Shows Very Moderate Growth As Trade War Clouds Gather
Japan’s sector indexes showed a solid gain in February...
by Tom Moeller November 05, 2010
The National Association of Realtors (NAR) reported that September pending sales
of existing single-family homes fell 1.8% m/m. The decline reversed much of an
August gain and was well short of a Consensus expectations for a 3.0% increase.
Nevertheless, sales remained near the highest level since they fell sharply with the removal of the government's $8,000
tax credit for first-time home buyers.
Sales in most regions of the country sales fell m/m and remained down by roughly one-quarter from the year-ago level. The exception last month was a 3.5% rise in sales in the West which added to gains during the prior two months. However, sales were down 24.7% y/y.
Pending home sales figures are analogous to the new home sales data from the Commerce Department in that they measure existing home sales when the sales contract is signed, not at the time the sale is closed. The series dates back to 2001 and the data is available in Haver's PREALTOR database.
Pending Home Sales (2001=100) | Sept. | Aug. | July | Y/Y % | 2009 | 2008 | 2007 |
---|---|---|---|---|---|---|---|
Total | 80.9 | 82.4 | 78.9 | -25.0 | 95.1 | 86.9 | 95.9 |
Northeast | 59.6 | 60.6 | 62.4 | -28.3 | 76.7 | 73.0 | 86.1 |
Midwest | 64.2 | 68.1 | 66.6 | -33.0 | 88.8 | 80.7 | 89.6 |
South | 87.6 | 90.8 | 85.1 | -19.1 | 98.9 | 90.3 | 107.4 |
West | 104.6 | 101.1 | 95.0 | -24.7 | 109.9 | 99.2 | 92.1 |