- US: Local and Metro Area Household Employment (Aug)
- US: FHFA Home Mortgage Terms, Advance Durable Goods (Aug)
- US: Employment by Industry by Region and State (2015)
- US: Personal Income by Region and State (Q2, Revisions back to 1998)
- Estonia: Money Supply (Aug); Ukraine: Wages (Press - Aug)
- US: Personal Income by Region and State (2015 and Revisions)
- Turkey: Intl Reserves and Foreign Currency Liquidity (Aug); Palestine: Public Debt, Capital Market Indicators (Aug), GDP (Q2); Mauritius: LFS (Q2); Botswana: Trade (Jul), GDP (Q2)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Ease
The MBA total Mortgage Market Volume Index fell 0.7% last week (+23.9% y/y)...
German Consumer Confidence from GfK Edges Lower But Remains Lofty
Germany's look-ahead consumer confidence indicator from GfK sees a drop in confidence in October...
U.S. Consumer Confidence Improves to Expansion High
The Conference Board reported that's its September Consumer Confidence index increased 2.3% (1.5% y/y) to 104.1 during September...
U.S. Natural Gas Prices Increase; Petroleum Prices Steady
Natural gas prices remained strong last week and increased to $3.07 per mmbtu (19.4% y/y)...
Euro Area Money and Credit Growth Bump Along
The euro area remains largely unresponsive to all the central bank's efforts to revive it...
U.S. New Home Sales & Prices Decline
The new home market has weakened recently...
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|