- Hungary: Foreign Reserves (Jun); Armenia: Foreign Reserves (Jun)
- Hong Kong: Property Market Index (May); Korea: Money Supply (May)
- Japan: BOP (May), International Transactions in Securities, Financial Institution Lending, First 20 Days Trade, Economy Watcher's Survey (Jun)
- New Zealand: Tax Outturn Statistics (May); Australia: Leading Indicator of Employment (Jul)
- more updates...
Economy in Brief
U.S. Trade Deficit Deepens Slightly
The U.S. foreign trade deficit in goods and services during May grew to $41.9 billion from $40.7 billion in April...
German IP, Flat in May, Still Shows Upturn
Germany's industrial production was flat in May, but it still carries momentum from the gains in earlier months...
U.S. ISM Nonmanufacturing Index Improves
The ISM Composite Index of Nonmanufacturing Sector Business during June matched expectations and improved slightly to 56.0...
U.S. Labor Market Conditions Index Remains Weak
During June, the change in the index remained roughly stable at 0.8...
German Orders Sink Slowly in May as Foreign Orders Stay Firm
German overall orders fell by 0.2% in May after rising strongly by 2.2% in April...
U.S. Payroll Employment and Earnings Gains Ease; Unemployment Rate Falls to Seven-Year Low
Nonfarm payroll employment during June increased 223,000 (2.1% y/y) following a downwardly revised 254,000 May rise...
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|