Recent Updates

  • Japan: Input Output Prices (Mar), First 10 Days Trade (Apr)
  • Korea: GDP (Q1); China: Gini Coefficient (2017), Construction Output Value (Q1); Myanmar: Overseas Employment (Aug)
  • US: Business Employment Dynamics (Q3)
  • Spain: Producer Prices (Mar)
  • Norway: Earnings, Government Balance Sheet (2017)
  • Taiwan: Visitor Arrivals (Mar); China: Banking Assets and Liabilities, Central Government Operations, Government
  • more updates...

Economy in Brief

U.S. Existing Home Sales Momentum Remains Weak
by Tom Moeller  April 22, 2014

Sales of existing single-family homes in March slipped 0.2% (-7.5% y/y) to 4.590 million (AR) versus an unrevised 4.600 million in February. Sales have declined in seven of the last eight months by a total 14.7%. The latest figure roughly equaled consensus expectations for 4.570 million sales in the Action Economics Forecast Survey. Sales of existing single family homes were unchanged at 4.040 million (-7.3% y/y). Sales of condos and co-ops were also unchanged (-7.3% y/y).

The median sales price of an existing single-family home increased 5.4% to $198,500 last month (7.9% y/y) but remained 7.2% below the peak this past June. Prices also remained 13.8% lower than the 2006 all-time peak.

The inventory of unsold homes rose 4.7% (3.1 y/y) last month but remained down by 50.1% since the 2007 peak. The months' supply of unsold homes edged up m/m to 5.2. That compares to an 11.9 month supply in July of 2010.

Home affordability nudged higher during February to its highest level in nine months as soft home prices offset the rise in mortgage rates to 4.47%.

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

Existing Home Sales (SAAR, 000s) Mar Feb Jan Y/Y % 2013 2012 2011
Total 4,590 4,600 4,620 -7.5 5,073 4,659 4,277
Northeast 600 550 620 -4.8 659 597 543
Midwest 1,040 1,000 1,040 -10.3 1,193 1,064 917
South 1,920 1,980 1,950 -3.0 2,032 1,834 1,683
West 1,030 1,070 1,010 -13.4 1,190 1,164 1,133
Single-Family Sales 4,040 4,040 4,050 -7.3 4,471 4,128 3,792
Median Price Total ($, NSA) 198,500 188,300 187,900 7.9 195,667 175,442 164,542
close
large image