Recent Updates

  • UK: RICS Housing Market Survey (Nov)
  • Australia: Survey of Consumer Inflationary Expectations (Dec)
  • Japan: Monetary Survey (Oct)
  • Singapore: Survey of Professional Forecasters (Q4)
  • Bangladesh: BOP (Oct)
  • New Zealand: Food Price Index, Motor Vehicle Registrations (Nov)
  • Korea: Trade Indexes (Nov)
  • US: Consumer Prices (Nov)
  • more updates...

Economy in Brief

U.S. Existing Home Sales Surge
by Tom Moeller  April 22, 2015

Following a tough winter, sales of existing homes surged 6.1% (13.5% y/y) to 5.190 million (AR). It was the highest level of sales since September 2013 and followed a little-revised 1.5% February rise. Sales exceeded consensus expectations for 5.03 million in the Action Economics Forecast Survey. Single-family home sales gained 5.5% last month (14.7% y/y) to 4.590 million on the heels of a 1.6% rise. Condo and co-op sales recovered 11.1% (6.1% y/y) to 0.600 million, the highest level since November.

The median sales price of an existing home increased 5.1% (7.8% y/y) to $212,100 from $201,900, revised from $202,600. Prices remained 4.5% lower than the June peak. The average sales price improved 3.9% (5.1% y/y) to $257,400, down 4.0% from the June peak. The composite index of home affordability increased 1.3% y/y.

By region, sales in the Northeast recovered 6.9% (4.7% y/y) to 620,000. Sales in the Midwest jumped 10.1% (16.3% y/y) to 1.200 million. Sales in the South improved 3.8% (14.8% y/y) to 2.190 million, the highest level since March 2007. Sales in the West gained 6.3% (13.3% y/y) to 1.18 million, the highest level since September 2013.

The inventory of unsold homes increased 2.0% y/y. The months' supply of homes on the market remained at 4.6, down from 5.6 months in August and near the low for the economic expansion.

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 % 2014 2013 2012
Total 5,190 4,890 4,820 13.5 4,920 5,074 4,657
   Northeast 620 580 620 4.7 640 658 597
   Midwest 1,200 1,090 1,080 16.3 1,131 1,194 1,063
   South 2,190 2,110 2,070 14.8 2,048 2,032 1,834
   West 1,180 1,110 1,050 13.3 1,102 1,190 1,163
Single-Family Sales 4,590 4,350 4,280 14.7 4,334 4,473 4,125
Median Price Total ($, NSA) 212,100 201,900 197,600 7.8 206,708 195,667 175,433
close
large image