- Australia: Balance of Payment and International Investment Position, External Debt (Q2), Mortgage Choice Home Loan Approvals, AFG Mortgage Statistics (Aug); New Zealand: ANZ Commodity Price Index (Aug)
- Japan: Monetary Base (Aug), Wage Index (Jul-Prelim)
- Korea: Consumer Price Index, Trade of Bonds (Aug); Mongolia: BOP (Jul)
- Germany: GDP Changed to ESA 2010 (Q2-Final)
- more updates...
Economy in Brief
Chicago Purchasing Managers Index Surges
Chicago purchasing managers indicated that their August index of General Business Conditions jumped to 64.3 this month...
Europe Is Beset with High Unemployment and Disinflation
Today's data underscore the difficulty faced by the European Monetary Union...
U.S. GDP Growth Is Revised Up; Corporate Profits Surge
The second GDP estimate for Q2 indicated a 4.2% rate of growth, revised up from 4.0%...
Kansas City Fed Factory Sector Activity Weakens M/M
The Kansas City Fed reported that its August Composite index of 10th District factory sector activity deteriorated to 3...
U.S. Initial Unemployment Claims Are Little-Changed
Initial claims for jobless insurance during the week ended August 23 slipped to 298,000 from 299,000 in the prior week...
U.S. Pending Home Sales Recover
Pending sales of single-family homes jumped 3.3% (-2.1% y/y) during 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|