- **Select France Updates Delayed Due to INSEE Tech Difficulties
- US: Consumer Confidence (May), Personal Income (Apr)
- US: S&P/Case Shiller HPI delayed by source
- Belgium: GDP (Q1)
- Germany: Retail Trade, LFS (Apr)
- Italy: Monthly Labor Force Survey (Apr), CPI (Prelim-May), GDP (Q1)
- Croatia: Flash GDP (Q1), Employment (Apr); Poland: GDP (Q1); Estonia: IP (Apr); Kazakhstan: Monetary Surveys, Balance Sheet of Second Tier Banks, Pension Accumulations (Apr); Russia: GDP
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Economy in Brief
U.S. GDP Growth Is Revised Slightly Higher; Corporate Profits Firm
Real economic growth last quarter was somewhat firmer than first indicated...
French Consumer Confidence Last Higher Eight and One Half Years Ago
Although household confidence was last higher eight and one-half year ago, it was exactly this high back in January of this year...
U.S. Pending Home Sales Surge to 10-Year High
The NAR reported that pending sales of single-family homes jumped 5.1% in April (4.6% y/y)...
U.S. Durable Goods Orders' Strength Led by Civilian Aircraft; Capital Spending Weakens
New orders for durable goods jumped 3.4% during April (1.9% y/y)...
U.S. Initial Unemployment Insurance Claims Fall Again
Initial Claims for unemployment insurance declined to 268,000 (-4.6% y/y) during the week ended May 21...
Italian Retail Sales Fall in March Amid Other Signs of Weakness
Recent Italian data have been backtracking...
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|