- US: Philadelphia Fed State Coincidence Indexes (Jul)
- Canada: Wholesale Trade (Jun)
- Brazil: IPCA-15 (Aug)
- Armenia: External Trade, IP, PPI (Jul-Prelim); Georgia: Other Depository Corporations Survey, Money Supply (Jul); Slovenia: Building Permits (Jun); Latvia: Population (Aug)
- UK: CBI Industrial Trends Survey (Aug), Agents' Summary of Business Conditions (Jul)
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Economy in Brief
UK Orders Jump
Industrial orders in the U.K. saw the net order gauge rise to 11 in August...
U.S. Consumer Price Inflation Touches Five-Month Low
The consumer price index ticked 0.1% higher (2.0%% y/y) during July following a 0.3% June gain...
U.S. Energy Prices Continue to Decline
The price for a gallon of regular gasoline declined four cents last week to $3.47...
U.S. Housing Starts Recover to Eight-Month High
Housing starts during July jumped 15.7% to 1,093,000 AR (21.7% y/y) following a 4.0% June decline to 945,000...
UK PPI Gain Is Weaker Than Expected
UK factory prices rose less than expected, gaining 0.2% in July...
U.S. Home Builders Index Climbs To Six-Month High
The NAHB-Wells Fargo U.S. Composite Housing Market Index improved to 55 during August from an unrevised from 53 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|