- China: Manufacturing PMI (Oct)
- US: Agricultural Prices (Oct), Consumer Sentiment (Oct-final), Employment Cost Index (Q3), Personal Income (Sep)
- Ireland: Money Supply (Sep), Credit Measures (Sep)
- Spain: Capacity Utilization (Q4), BOP (Aug), Central Govt Debt (Sep), Consumer Confidence (Oct)
- Consumer Sentiment Detail (Oct-final)
- US: Chicago PMI, Milwaukee PMI (Oct)
- US: Underlying NIPA Tables (Q3-Adv), Key Source Data (Q3)
- more updates...
Economy in Brief
U.S. Employment Cost Index Strengthens
The employment cost index for private industry workers jumped 0.7% (2.3% y/y) in Q3'14, following an unrevised 0.8% Q2 rise...
Euro Area Joblessness Hangs High as Other Activity Gauges Wither
October 31 has turned out to be a very bad data day for the European Union as well as for the euro area...
U.S. GDP Growth in Q3 Is Stronger Than Expected
GDP grew 3.5% last quarter (2.3% y/y) following an unrevised 4.6% rise...
U.S. Initial Claims for Jobless Insurance Tick Higher
Initial claims for unemployment insurance during the week ended October 25 rose to 287,000 (-17.1% y/y) from 284,000...
EU Indices Head Higher in October
The EU overall sentiment index rose to a level of 104 in October from 103.5 in September...
FOMC Ends QE As Economy Improves & Inflation Remains Low
The Fed indicated that labor market improvement, moderate growth in household spending and positive business investment growth allowed for ending QE...
by Tom Moeller March 21, 2013
The National Association of Realtors reported that sales of existing homes improved 0.8% (10.2% y/y) during February to a 4.98M annual rate. The increase followed an upwardly revised 0.8% January rise. The latest fell short of Consensus expectations for 5.00M sales. Sales of existing single-family homes alone slipped 0.2% to 4.360M, up 8.7% y/y. (These data have a longer history than the total sales series.) Sales of condos and co-ops rose 8.8% m/m to 0.620, up 21.6% y/y and were at the highest level since 2007.
The median price of an existing home rose 1.8% (11.6% y/y) to $173,600. In the Northeast, the median sales price of $238,800 was up 7.6% y/y. In the West, the median price rose 22.7% y/y to $237,700. In the South, the price of $150,500 was up 9.3% y/y and in the Midwest the price rose 7.7% y/y to $129,000.
The supply of homes on the market ticked up slightly from its seven-year low to 4.7 months. The months' supply of single-family homes on the market also rose to a low 4.7 months and for condos & coops it was 4.9 months. The total number of homes on the market rose 9.6% m/m but still was off 19.2% y/y. Inventories of single-family homes fell the same 19.2% y/y while inventories of multi-family homes were off 19.3% y/y.
Reported earlier this month, the composite index of home price affordability slipped 0.5% y/y. Mortgage payments as a percent of income m/m were a low 12.1% versus the high of roughly 25.0% in 2006. The average monthly mortgage rate was 3.47%.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.
|Existing Home Sales (Thous, SAAR)||Feb||Jan||Dec||Y/Y%||2012||2011||2010|
|Median Price, Total, ($, NSA)||173,600||170,600||180,200||11.6||175,442||164,542||172,442|