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Economy in Brief

U.S. Existing Home Sales Decline Again
by Tom Moeller  July 20, 2011

The National Association of Realtors reported a further loss of strength in the housing market. Sales of existing homes during June slipped 0.8% to 4.770M from an unrevised 4.810M in May. The latest was weaker than Consensus expectations for 4.900M, according to Action Economics. Total sales include sales of condos and co-ops. Sales of existing single-family homes alone were unchanged m/m at 4.240M (-7.4% y/y). (These data have a longer history than the total sales series.) Sales of condos and co-ops fell 7.0% m/m (-18.0% y/y).

The months' supply of homes on the market rose to 9.5 with the weakness in sales. Nevertheless, the number of homes on the market fell 3.1% y/y and it has been stable since early-2009.

The median price of all existing homes rose 8.9% m/m to $184,300. Prices have risen to their highest since October, 2008. The price of a single-family home rose 8.7% last month to $184,600 (0.6% y/y). Home affordability fell during June with the rise in prices but remained up more than two-thirds from the 2006 low. Mortgage payments for all as a percent of income were near the record low at 13.7%.

The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.

How Much Has House Lock Affected Labor Mobility and the Unemployment Rate? from the Federal Reserve Bank of Chicago can be found here.

Existing Home Sales (Thous, SAAR) June May Apr Y/Y% 2010 2009 2008
Total 4,770 4,810 5,000 -18.8 4,918 5,149 4,894
  Northeast 730 770 790 -17.0 825 863 848
  Midwest 1,040 1,030 1,090 -14.0 1,076 1,168 1,128
  South 1,860 1,850 1,950 -5.6 1,861 1,907 1,857
  West 1,140 1,160 1,170 -2.6 1,155 1,214 1,062
Single-Family Sales 4,240 4,240 4,380 -7.4 4,311 4,559 4,337
Median Price, Total, ($, NSA) 184,300 169,300 161,100 0.8 172,442 172,742 197,233
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