Recent Updates

  • Iceland: International Reserves (Nov)
  • US: Producer Prices (Nov)
  • Albania: BOP (Q3)
  • US: Producer Price Indexes by Industry Detail (Nov)
  • US: Producer Price Indexes by Commodity Detail (Nov)
  • UK NCI Index (Dec)
  • Moldova: Industrial Production (Oct), CPI (Nov)
  • Chile: Economic Expectations (Dec)
  • US: Manpower Employment Outlook Survey (Q1), NFIB Small Business
  • more updates...

Economy in Brief

U.S. Existing Home Sales Improve to 2007 High; Prices Ease from Record
by Tom Moeller  August 20, 2015

Sales of existing homes strengthened 2.0% during July to an annualized 5.590 million (11.7% y/y) from 5.480 in June, revised from 5.490 million. Sales remained at the highest level since February 2007 and were stronger than consensus expectations for a dip to 5.44 million in the Action Economics Forecast Survey. Single-family home sales increased 2.7% last month to 4.960 million (12.2% y/y), about the same as they rose in June. Condo and co-op sales eased 3.1% (8.3% y/y) from their 2007 high.

The median sales price of an existing home fell to $234,000 (+5.6% y/y), off 1.0% from June's record $236,300. The average sales price eased 0.8% to $278,000 (+3.9% y/y).

By region, sales in the South led last month's gain with a 4.1% rise (10.0% y/y) to 2.290 million and sales in the West moved 3.2% higher (13.0% y/y) to 1.280 million. In the Midwest, home sales remained unchanged (+13.9% y/y) at 1.320 million and sales in the Northeast declined 2.8% to 700,000 (+11.1% y/y).

The inventory of unsold homes declined 4.7% y/y to 2.240 million and the months' supply of homes on the market eased to 4.8 months. That figure is down from 5.2 months in April and down from the 11.9 month high in July 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.

Measuring the Effects of Monetary Policy on House Prices and the Economy from the Federal Reserve Bank of San Francisco is available here.

Existing Home Sales (SAAR, 000s) Jul Jun May Y/Y % 2014 2013 2012
Total 5,590 5,480 5,320 11.7 4,935 5,087 4,656
   Northeast 700 720 690 11.1 645 658 596
   Midwest 1,320 1,320 1,270 13.9 1,136 1,201 1,068
   South 2,290 2,200 2,150 10.0 2,051 2,040 1,834
   West 1,280 1,240 1,210 13.0 1,103 1,188 1,158
Single-Family Sales 4,960 4,830 4,710 12.2 4,334 4,473 4,125
Median Price Total ($, NSA) 234,000 236,300 228,900 5.6 206,708 195,667 175,433
close
large image