- China: GDP (Q4)
- China: NCI Economic Activity Index (Jan)
- Spain: Import & Export Prices, International Trade Detail (Nov), Motor Vehicle Registrations (Dec)
- Canada: CPI (Dec), Retail Trade (Nov)
- Ireland: Wholesale and Producer Prices (Dec)
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Economy in Brief
German PPI Takes Wing...Even Excluding Energy
Germany's PPI inflation excluding energy is pushing relentlessly higher...
U.S. Housing Starts Reach 2007 High
The housing market exhibited firm growth in 2016...
U.S. Initial Unemployment Claims Fall Sharply
Initial unemployment insurance filings declined to 234,000 during the week ended January 14 from 249,000 in the prior week...
Philadelphia Fed Factory Business Outlook Survey Improves
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.6 during January from December's 19.7...
EMU Current Account Surplus Trumps the Past...All of It
The euro area has set a new record high current account surplus at 36.1 billion euros in November...
U.S. CPI Registers Faster Growth in 2016
The Consumer Price Index during all of 2016 increased 2.1% from December-to-December...
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|