Recent Updates

  • Spain: PPI (Dec)
  • Finland: Wholesale Prices, Domestic Supply Prices, PPI, Import & Export Price Index (Dec); Iceland: Wage Index (Dec)
  • Kyrgyz Republic: State Budget (Dec); Czech Republic: Business Cycle Survey (Jan); Tajikistan: Monetary Survey (Dec)
  • Malaysia: CPI by State (Dec)
  • Vietnam: Credit to the Economy, Liquidity & Deposits (Nov); Malaysia: CPI (Dec); China: International Trade, Foreign Trade Indexes (Dec)
  • more updates...

Economy in Brief

U.S. Existing Home Sales and Prices Weaken
by Tom Moeller  February 21, 2014

Sales of existing single-family homes in January declined 5.1% (-5.1% y/y) to 4.620 million (AR) versus an unrevised 4.870 million in December. Sales were down 14.1% versus the July high and fell short of 4.700 million expected in the Action Economics survey. Sales of existing single family homes fell 5.8% last month to 4.050 million (-6.0% y/y). Sales of condos and co-ops were unchanged m/m and were 1.8% higher than January last year. Data back through 2009 were revised.

The median sales price of an existing single-family home declined 4.5% to $188,900 last month (+10.7% y/y) and was 11.7% lower than the recent peak this past June. Prices also remained 18.0% below the 2006 all-time peak.

The inventory of unsold homes rose a modest 2.2% last month but remained down by 53.0% since the 2007 peak. The months' supply of unsold homes nudged up m/m to 4.9. That was nearly the lowest level of the cycle and compares to an 11.9 month supply in July of 2010.

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 from the Action Economics survey, reported in the AS1REPNA database.

Why Is the Job-Finding Rate Still Low? from the Federal Reserve Bank of New York is available here.

Existing Home Sales (SAAR, 000s) Jan Dec Nov Y/Y % 2013 2012 2011
Total 4,620 4,870 4,830 -5.1 5,073 4,659 4,277
Northeast 620 640 650 -3.1 659 597 543
Midwest 1,040 1,120 1,150 -8.8 1,193 1,064 917
South 1,950 2,020 1,990 1.6 2,032 1,834 1,683
West 1,010 1,090 1,040 -13.7 1,190 1,164 1,133
Single-Family Sales 4,050 4,300 4,220 -6.0 4,471 4,128 3,792
Median Price Total ($, NSA) 188,900 197,700 195,500 10.7 195,667 175,442 164,542
close
large image