- US: Financial Accounts of the US (Q2)
- US: New Residential Construction (Aug)
- US: Philadelphia FRB Business Outlook Survey (Sep)
- Sweden: GDP (Q2) *Change to ESA2010
- US: Travel & Tourism Satellite Accounts (Q2)
- Georgia: GDP (Q2); Ukraine: BOP, External Debt (Q2); Macedonia: Retail Trade (Jul); Montenegro: HICP (Aug); Kazakhstan: Fixed Capital Investment (Aug); Latvia: Unemployment (Aug)
- Ireland: GDP, BOP (Q2)
- more updates...
Economy in Brief
U.S. Housing Starts and Building Permits Decline
Housing starts during August slumped 14.4% to 956,000 AR (+8.0% y/y) following a 22.9% July jump to 1,117,000...
Philadelphia Fed Business Conditions Index Slips but Remains Firm
The Philadelphia Fed reported that its General Business Conditions Index for September edged down to 22.5 from 28.0 in August...
U.S. Initial Unemployment Insurance Fall to July Low
Initial claims for jobless insurance fell to 280,000 during the week ended September 13 from 316,000 in the prior week...
U.K. Retail Sales Rebound
U.K. nominal retail sales growth bounced back in August, rising by 0.2% after a 0.3% July decline...
U.S. Consumer Price Declines Are Broad-based
The consumer price index declined 0.2% during August (+1.7% y/y) following an unrevised 0.1% uptick...
U.S. Current Account Deficit Shrinks
The U.S. current account deficit decreased in Q2'14 to $98.5 billion from $102.1 billion in Q1...
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|