Recent Updates

  • Japan: Financial Institutions Accounts (Sep)
  • New Zealand: National Accounts Income & Expenditure, Net Capital Stock (2017), International Trade (Oct)
  • Korea: Consumer Survey Index (Nov)
  • Belgium: Business Survey (Nov)
  • Turkey: House Sales (Oct); South Africa: Tourism & Migration (Sep)
  • Spain: Construction Permits (Sep)
  • more updates...

Economy in Brief

U.S. Existing Home Sales and Prices Strengthen
by Tom Moeller  December 21, 2016

The housing market remains firm. Sales of existing homes improved 0.7% (15.4% y/y) during November to 5.610 million units (AR) from 5.570 million in October, revised from 5.600 million. The latest level was the highest since February 2007. Expectations had been for 5.54 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes eased 0.4% last month (+16.2% y/y) to 4.950 million following a 1.8% increase. Sales of condos & co-ops jumped 10.0% both m/m and y/y to 600,000 following a 1.6% decline. The figures are reported by the National Association of Realtors.

The median price of all previously owned homes improved 0.3% to $234,900. Annualized price growth of 6.8% has been roughly steady for the past two years, but falls short of the double-digit increases in 2013. The average price of an existing home rose to $236,500 (6.8% y/y).

Sales performance was mixed around the country last month. Home sales in the Northeast increased 8.0% (15.7% y/y) to 810,000. In the South, sales improved 1.4% (11.6% y/y) to 2.220 million. To the downside were sales in the Midwest by 2.2% (+18.8% y/y) to 1.330 million. Sales in the West declined 1.6% (+19.0% y/y).

The total inventory of homes on the market declined 9.3% y/y to 1.850 million. The months' sales supply of homes fell to 4.0, down from 4.8 months during all of last year and 5.2 months in 2014.

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 Forecast Survey, reported in the AS1REPNA database.

Existing Home Sales (SAAR, 000s) Nov Oct Sep Y/Y % 2015 2014 2013
Total 5,610 5,570 5,490 15.4 5,254 4,935 5,087
   Northeast 810 750 740 15.7 691 645 658
   Midwest 1,330 1,360 1,330 18.8 1,240 1,136 1,201
   South 2,220 2,190 2,160 11.6 2,151 2,051 2,040
   West 1,250 1,270 1,260 19.0 1,172 1,103 1,188
Single-Family 4,950 4,970 4,880 16.2 4,626 4,344 4,484
Median Price Total ($, NSA) 234,900 234,100 235,300 6.8 219,867 206,708 195,667
close
large image