- Estonia: Retail Sales (Aug)
- Japan: TANKAN Summary (Q3), Changes in Current Account Balances, TSE Market Capitalization, Auto Sales Press (Sep)
- Australia: PMI (Sep), Retail Trade (Aug), Value of Private Construction (Q2)
- Markit PMI: Manufacturing Survey - Korea, Japan, Taiwan, Vietnam (Sep)
- Korea: Consumer Price Indexes (Sep), Average Monthly Wages(Jul); China: PMI, Guangdong Manufacturing PMI (Sep); Indonesia:
- more updates...
Economy in Brief
Chicago Purchasing Managers Index Dips; Inventories Surge
Chicago purchasing managers indicated that their September Business Barometer Index fell to 60.5 this month...
U.S. Gasoline Prices Hold Steady; Crude Oil Price Falls
The cost of a gallon of regular gasoline held at $3.35 last week (-2.1% y/y)...
Europe Dodges a Bullet; EMU Unemployment Rate Stays Put in August
The unemployment rate in the European Monetary Union stayed put at 11.5% in August...
U.S. Consumer Spending Posts Firm Rise As Income Improves
Personal consumption expenditures increased 0.5% during August (4.1% y/y) following an unchanged July reading...
NABE Predicts Improving Economic Growth
Expectations for 3.0% real GDP growth in 2015 were little-changed but this year's advance was lessened to 2.1%...
U.S. Pending Home Sales Decline
Pending sales of single-family home sales declined 1.0% last month (-2.2% y/y) following a 3.2% July increase...
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|