- New Zealand: Construction Work Put in Place (Q4): Australia: PSI (Feb)
- Korea: International Reserves (Feb)
- US: Autodata Vehicle Sales (Feb)
- Ireland: Exchequer Statement (Feb)
- Turkey: CPI, PPI (Feb); Israel: Housing Loans (Jan); Namibia: Central Bank Survey (Jan); Egypt: International Reserves (Feb); South Africa: Provisional Financing Figures (Feb); Lebanon:
- more updates...
Economy in Brief
U.S. Gasoline Prices Reach Another High; Crude Oil Prices Decline
Gasoline prices continued upward by 14 cents last week to $2.47 per gallon (-28.9% y/y) following the prior week's 6 cent increase...
New York State Economic Conditions Recover but Prices Ease
The ISM reported that, for New York State, their February index of business conditions expected in six months increased to 71.7...
EMU Caught between a Rock and Soft Place as Germany Plays Ball instead of Games
Prices in the euro area continue to push lower as weak growth and dropping energy prices undercut the strength from price trends...
U.S. ISM Manufacturing Index Continues to Move Lower
The February reading from the Institute for Supply Management (ISM) declined to 52.9 following its January drop to an unrevised 53.5...
U.S. Personal Income Increase Continues to Outpace Spending
Personal income rose an expected 0.3% during January (4.6% y/y) following an unrevised 0.3% December increase...
U.S. Construction Spending Posts a Surprising Decline
The value of construction put-in-place declined 1.1% during January (+1.8% y/y) following a 0.8% improvement...
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|