- Philippines: PPI (Aug), CPI (Sep)
- New Zealand: NZIER Business Opinion Survey (Q3); Australia: International Trade, Overseas Arrivals and Departure (Aug)
- Colombia: CPI Press (Sep)
- Japan: Loans and Discounts Outstanding (Aug)
- US: BEA Auto Sales (Sep)
- Qatar: BOP (Q2); Turkey: CPI, PPI (Sep); Morocco: BOP (Q2); Tunisia: CPI (Sep); Uganda: Private Sector Credit (Aug)
- more updates...
Economy in Brief
Global MFG Takes Another Step Back in September
The Markit (and for the US, ISM) MFG PMI's largely weakened globally in September...
U.S. Payroll Gain Disappoints Again; Earnings Stabilize Along With Jobless Rate
Nonfarm payrolls grew 142,000 following downwardly revised increases of 136,000 and 223,000 during the prior two months...
EMU PPI Collapses as HICP Turns to Show Deflation
The August PPI in the EMU fell by 0.9% after falling by 0.3% in July...
U.S. Light Vehicle Sales Continue To Improve
Strength in employment and income combined with minimal pricing power continues to generate buying at new car...
U.S. ISM Factory Index Weakens to Two-Year Low; Prices Decline
Activity in the manufacturing sector is continuing to lose steam...
U.S. Construction Spending Improvement Slows Versus A Strong Spring
The value of construction put-in-place increased 0.7% during August following a downwardly revised 0.4% rise in July...
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|