Recent Updates

  • Australia: ADI Property Exposures Statistics, Authorized Deposit-taking Institution Performance (Q4), WMI Leading Index of Economic Activity, Job Vacancy Report (Feb)
  • Japan: Government Bond Trading Volume by Category of Investors (Feb)
  • Hong Kong: RICS Spacious Residential Market Survey (Feb)
  • New Zeland: Jobs Online (Feb), International Investment Position, BOP, External Debt (Q4)
  • Korea: PPI, Domestic Supply Price and Output Price Indexes (Feb)
  • 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
large image