- Sweden: Services PMI (Aug)
- Markit PMI: Service Survey - Japan, Russia, India (Aug) Composite - Japan, Russia, Ireland, India (Aug)
- Ireland: New House Guarantee Registrations (Jul)
- Korea: GDP (Q2); Singapore: Central Provident Fund (Jul)
- Australia: PSI (Aug), Retail Trade, International Trade (Jul); New Zealand: Construction Work Put in Place (Q2)
- US: BEA Auto Sales (Aug), Manufacturers' Shipments Inventories
- more updates...
Economy in Brief
U.S. Productivity is Revised Higher Following Two Quarters of Decline
Nonfarm productivity growth during Q2'15 was revised higher to 3.3% from 1.3% reported initially...
U.S. Factory Sector Orders Improve
New orders in the manufacturing sector improved 0.4% during July (-15.2% y/y)...
EMU Producer Prices Continue to Fall
The PPI headline shows a monthly drop of 0.2% in July and a year-over-year decline of 2.1%...
U.S. Light Vehicle Sales Crest 10-Year High, Led by Imported Light Trucks
Total sales of light vehicles increased 1.5% during August to 17.81 million units (SAAR, 2.8% y/y)...
U.S. ISM Factory Index Weakens to Two-Year Low
The ISM U.S. Composite Index fell to 51.1 during August following an unrevised decline to 52.7 in July...
U.S. Crude Oil Prices Surge; Gasoline Prices Decline
Crude oil prices found new life last week...
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|