Recent Updates

  • Japan: Wage Indexes, Hours Worked (May), TSE Tokyo PRO Market, Machine Tool Orders (Jun)
  • Korea: 20 Days of Trade, Tourist Arrivals (Jul), Foreign Investment (Q2), Loans to Households and Enterprises (May); Hong Kong: Personal Bankruptcy Petitions (Jun); Pakistan: Credit by Borrowers (Jun); China: Fixed Assets Investment (Jun), GDP, Construction Output (Q2)
  • US: GDP by Industry (Q1)
  • more updates...

Economy in Brief

U.S. Existing Home Sales & Prices Strengthen
by Tom Moeller  December 20, 2017

The National Association of Realtors reported that sales of existing homes increased 5.6% (3.8% y/y) to 5.810 million (AR) during November. It was the highest level of sales since December 2006. The rise followed a little-revised 2.4% October gain to 5.500 million. Expectations were for 5.500 million sales in the Action Economics Forecast Survey.

The median price of all existing homes sold rose 0.8% (NSA, 5.8% y/y) to $248,000 from $246,000.

Sales of existing single-family homes rose 4.5% (3.2% y/y) to 5.090 million units while sales of co-ops and condos strengthened 14.3% (7.5% y/y) to 720,000, also the highest level since 2007.

By region, total existing home sales in the Midwest improved 8.4% (6.8% y/y) to 1.420 million units, the highest level since December 2006. In the South, sales strengthened 8.3% (4.0% y/y) to 2.340 million units, a six-month high. Home sales in the Northeast increased 6.7% (0.0% y/y) to 800,000 units, the highest level since January. Sales in the West declined 2.3% (+2.5% y/y) to 1.250 million units after two monthly increases of roughly 3.2%.

The number of homes on the market declined 7.2% (-9.7% y/y) to 1.670 million, the lowest level since January. There was a record low of 3.4 months' supply of homes available for sale.

The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and 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 % 2016 2015 2014
Total 5,810 5,500 5,370 3.8 5,440 5,234 4,923
   Northeast 800 750 710 0.0 735 685 641
   Midwest 1,420 1,310 1,300 6.8 1,296 1,231 1,134
   South 2,340 2,160 2,120 4.0 2,217 2,148 2,048
   West 1,250 1,280 1,240 2.5 1,193 1,170 1,100
Single-Family 5,090 4,870 4,770 3.2 4,828 4,624 4,333
Median Price Total ($, NSA) 248,000 246,000 247,600 5.8 232,067 219,867 206,708
close
large image