Recent Updates

  • Flash PMI: France, Germany, Euro Area (Sep); Manufacturing Survey - US (Sep); Composite Survey - US (Sep); Services Survey - US (Sep)
  • Canada: CPI (Aug), Retail Trade (Jul)
  • Investment in Fixed Assets (Aug)
  • Mauritius: PPI (Q2); Lebanon: CPI (Aug); Morocco: CPI (Aug)
  • France: GDP, Consumer Credit (Q2-Final)
  • Labor & Export Surveys (Sep)
  • Mexico: GDP by Expenditure (Q2), Semimonthly CPI (Sep);
  • more updates...

Economy in Brief

U.S. Existing Home Sales Decline; Prices Rise
by Tom Moeller  May 24, 2017

Sales of existing single-family homes declined 2.3% during April to 5.570 million (AR, +1.6% y/y)) from 5.700 million in March, revised from 5.710 million. Expectations had been for 5.640 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes fell 2.4% (+1.6% y/y) to 4.950 million units versus 5.070 in March. Sales of condos & co-ops fell 1.6% (+1.6% y/y) to 620,000 following a 5.0% increase. The figures are reported by the National Association of Realtors.

The median price of all previously owned homes increased 3.5% (6.0% y/y) to $244,800. The rise was to the highest level since last June. The average price of an existing home improved 3.2% to $287,500 (5.1% y/y).

The number of homes on the market declined 9.0% y/y to 1.930 million. The months' sales supply of homes increased to 4.2, the highest level in six months.

The decline in home sales last month reflected a 5.0% fall (+3.6% y/y) in the South to 2.300 million after a 5.0% decline. Home sales in the West were off 3.3% (+3.5% y/y) to 1.180 million. Sales fell 2.7% (-2.7% y/y) in the Northeast to 730,000 after an 8.7% increase. Sales in the Midwest gained 3.8% (-0.7% y/y) to 1.360 million after a 9.2% rise.

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.

Assessment of Current Economic Conditions and Implications for Monetary Policy from Robert S. Kaplan, President, Federal Reserve Bank of Dallas is available here.

Existing Home Sales (SAAR, 000s) Apr Mar Feb Y/Y % 2016 2015 2014
Total 5,570 5,700 5,470 1.6 5,452 5,254 4,935
   Northeast 730 750 690 -2.7 733 691 645
   Midwest 1,360 1,310 1,200 -0.7 1,304 1,240 1,136
   South 2,300 2,420 2,340 3.6 2,218 2,151 2,051
   West 1,180 1,220 1,240 3.5 1,197 1,172 1,103
Single-Family 4,950 5,070 4,870 1.6 4,838 4,646 4,344
Median Price Total ($, NSA) 244,800 236,600 228,200 6.0 232,067 219,867 206,708
close
large image