- Markit PMI: Manufacturing Survey - Japan, China, Taiwan, Indonesia (Mar)
- Korea: CPI (Mar); China: Manufacturing PMI, Nonmanufacturing PMI, Guangdong Manufacturing PMI (Mar)
- Japan: TANKAN Summary (Q1)
- Australia: PMI (Mar), Central Bank, Authorized Deposit Taking Institution & Consolidated Surveys, Building Approvals (Feb)
- US: Intuit Small Business Indexes (Mar), Wholesale Trade Revisions,
- more updates...
Economy in Brief
U.S. Gasoline Prices Under Pressure Due to Excess Supply
Gasoline prices dipped a penny last week to $2.45 cents per gallon and remained down by roughly one-third versus a year ago...
Chicago Purchasing Managers Index Stabilizes
Chicago purchasing managers reported that their March Business Barometer Index moved up to 46.3 this month following a sharp decline to an unrevised 45.8 in February...
Unemployment Rates Still Drop in Euro Area
Germany remains a world apart from the rest of the European Monetary Union members as its unemployment rate is less than half the average for the community...
U.S. Personal Income Increase Continues to Outpace Spending
Personal income rose 0.4% during February (4.5% y/y) following a revised 0.4% January increase...
Dallas Fed Factory Sector Activity Erodes Further
The Dallas Fed reported that its March Composite index of factory sector activity deteriorated to -17.4...
NABE Forecast Calls for Firm and Steady Economic Growth
The NABE forecast of 2.9% growth in U.S. real economic activity next year follows an expected 3.1% rise this year...
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|