- US: Senior Loan Officer Survey (Q3)
- US: Construction, Personal Income + revisions (Jun), ISM Mfg (Jul)
- Markit PMI: Manufacturing Survey - Japan, Korea, China, Taiwan, Vietnam, Malaysia, Indonesia, India, Russia, Turkey, Poland, Netherlands, Brazil, Singapore, US, Mexico, JP Morgan Global, Developed Markets, Emerging Markets (Jul)
- Spain: Spain: Business Climate Indicator (Jul)
- Turkey: CPI, PPI (Jul); South Africa: PMI (Jul); Ivory Coast: CPI (Jun); Lebanon: Central Bank Balance Sheet (Jul)
- more updates...
Economy in Brief
U.S. Personal Spending Rise Moderates Despite Firmer Income Gain
Personal consumption expenditures increased 0.2% during June following 0.7% and 0.3% gains during May and April...
U.S. Construction Spending Trend is Strong
The value of construction put-in-place ticked 0.1% higher during June (12.3% y/y) following gains of 1.8% and 3.8% during the prior two months...
Manufacturing PMIs in July
The EMU manufacturing PMIs show a monthly reduction in the PMI for the EMU as a whole and declines in four of six early reporters...
U.S. Employment Cost Index Increase Weakens to Record Low
The employment cost index for civilian workers improved 0.2% in Q2'15 (2.0% y/y), following an unrevised 0.7% Q1 rise...
Chicago Purchasing Managers Index Signals Expansion
Chicago purchasing managers reported that their July Business Barometer Index improved to 54.7 following an unrevised rise to 49.4 in June...
EMU Unemployment Is Unchanged
The EU unemployment rate is unchanged in June at 9.6%...
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|