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Economy in Brief

U.S. Existing Home Sales Improve to 2007 High; Prices Set a Record
by Tom Moeller  July 22, 2015

Sales of existing homes increased 3.2% last month to an annualized 5.490 million (9.6% y/y) from 5.320 in May, revised from 5.350 million. Sales were at the highest level since February 2007 and stronger than consensus expectations for 5.40 million in the Action Economics Forecast Survey. Single-family home sales increased 2.8% last month to 4.840 million (9.8% y/y), adding to a 5.1% rise during May. Condo and co-op sales gained 6.6% (8.3% y/y), also the highest level since early in 2007.

The median sales price of an existing home increased 3.1% (6.5% y/y) to a record $236,400 from $228,900 in May. The average sales price improved 2.7% (4.7% y/y) to $281,200.

By region, sales in the Midwest led last month's improvement and gained 4.7% (12.7% y/y) to 1.330 million. Sales in the Northeast followed with a 4.3% increase (12.5% y/y) to 720,000. Sales in the South improved 2.3% (7.3% y/y) to 2.200 million and sales in the West moved 2.5% higher (8.8% y/y) to 1.240 million.

The inventory of unsold homes increased 0.4% y/y to 2.300 million. The months' supply of homes on the market held fairly steady at 5.0 months. It's been near that level since early 2013.

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) Jun May Apr Y/Y % 2014 2013 2012
Total 5,490 5,320 5,090 9.6 4,935 5,087 4,656
   Northeast 720 690 620 12.5 645 658 596
   Midwest 1,330 1,270 1,220 12.7 1,136 1,201 1,068
   South 2,200 2,150 2,090 7.3 2,051 2,040 1,834
   West 1,240 1,210 1,160 8.8 1,103 1,188 1,158
Single-Family Sales 4,840 4,710 4,480 9.8 4,334 4,473 4,125
Median Price Total ($, NSA) 236,400 228,900 218,700 6.5 206,708 195,667 175,433
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