Recent Updates

  • Japan: National CPI, Tokyo CPI (Jun)
  • New Zealand: External Migration (Jun)
  • Korea: PPI, Domestic Supply Price & Output Price Indexes (Jun); India: International Banking Statistics (2017)
  • UK: **Retail Sales rebased to 2016=100**
  • Ireland: **GDP Rereferenced to Chained 2016 Euros**
  • US: Composite Indexes (Jun)
  • Canada: Employment Insurance (May), Nonres Building Construction (Q2)
  • more updates...

Economy in Brief

U.S. Pending Home Sales Slip
by Tom Moeller  March 26, 2012

The National Association of Realtors (NAR) reported that February pending sales of single-family homes slipped 0.5 % (+9.2% y/y), continuing its sideways movement since November. The index level of 96.5 (2001=100) nevertheless remained nearly the highest since April of 2010 when the first-time homebuyers tax credit was fueling sales.

Sales deterioration last month spread throughout the country. Sales in the South fell 3.0% m/m (+7.8% y/y) accompanied by a 2.6% decline (-1.8% y/y) in the West. The sales index for the Northeast slipped 0.6% (+18.4% y/y). These declines were offset by a 6.5% rise (19.0% y/y) in sales in the Midwest.

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 are available in Haver's PREALTOR database.

The Supply Side of the Housing Boom and Bust of the 2000s from the Federal Reserve Bank of New York can be found here.

Pending Home Sales (2001=100) Feb Jan Dec Y/Y % 2011 2010 2009
Total 96.5 97.0 95.1 9.2 90.3 89.2 94.7
Northeast 77.7 78.2 72.7 18.4 68.0 70.9 76.8
Midwest 93.8 88.1 91.6 19.0 81.6 79.9 88.9
South 105.8 109.1 101.3 7.8 98.3 97.0 98.4
West 99.3 101.9 106.6 -1.8 104.2 100.8 109.2
close
large image