- New Zealand: External Migration (Jan)
- Bangladesh: Monetary Survey (Dec), BOP (Nov), E-Banking and E-Commerce (Q4)
- France: Registered Unemployed & Job Vacancies (Jan)
- US: New Residential Sales (Jan)
- Consumer Sentiment Detail (Feb-final)
- Ireland: Personal Bankruptcies (Q4)
- more updates...
Economy in Brief
Italian Confidence Registers Split-Decision
In February, Italian consumer confidence trolled a five-month low while business confidence perked up...
U.S. FHFA House Price Measure Increases Steadily
The FHFA U.S. house price index rose 6.2% during all of 2016...
U.S. Initial Unemployment Insurance Applications Increase
Initial claims for unemployment insurance increased to 244,000 (-7.6% y/y) during the week ended February 18...
German GfK Confidence Will Step Back in March
Despite a coming setback to German confidence in March, the GfK look-ahead confidence reading remains strong...
U.S. Existing Home Sales Increase in January; Prices Slip
Sales of existing single-family homes increased 3.3% (3.8% y/y) to 5.690 million units (AR) during January...
U.S. Gasoline Prices Slip; Crude Oil Improves
Regular gasoline prices of $2.30 per gallon (+33.1% y/y) last week were down a penny from the prior week...
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|