- US: Wage Rigidity Meter (Sep); Philly Fed Nonmfg Business Outlook Survey (Oct)
- Realtors Confidence Index Survey (Sep)
- US: Household Employment for States and Regions (Sep)
- US: Regional Payroll Employment (Sep)
- US: Existing Home Sales Detail (Sep)
- Canada: Job Vacancies (Jul)
- China: NCI Economic Activity Index (Oct)
- Hungary: Earnings, Employment by Industry (Aug); Moldova: Bkg
- more updates...
Economy in Brief
U.S. Chain Store Sales Fall Hard
The International Council of Shopping Centers and Goldman Sachs reported that chain store sales declined 0.3% last week...
U.S. Gasoline Prices Reach 2011 Low
The cost of a gallon of regular gasoline continued to fall sharply last week...
Japan's All Industry Index Erodes
Japan's economy continues to be weak...
U.S. Business Economists Survey Shows Easing Economic Conditions
The NABE reported in its Survey of Business Conditions that the unit demand figure declined to 42.3 last quarter from 52.4 in Q2...
Italian Orders Rebound but Go Nowhere
Italian industrial orders in August rose by 1.5% after a 1.5% decline in July...
U.S. Housing Starts Rebound Led By Multi-Family
Housing starts during September recovered 6.3% to 1.017 million (AR, 17.8% y/y) after a 12.8% decline to 957,000 during August...
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|