Recent Updates

  • ** Reference Year for Australia's Annual Gross State Product changed from Q3:2015-Q2:2016 to Q3:2016-Q2:2017.**
  • UK Northern Ireland: Mortgage Possession (Q3)
  • US: Business Leaders Survey, Kansas City Fed Mfg Survey (Nov)
  • US: Advance Quarterly Services (Q3), IP & Capacity Utilization (Oct)
  • US: Industrial Production Detail (Oct)
  • Canada: MSIO, Intl Transactions in Securities (Sep)
  • Canada Regional: MSIO by Province (Sep)
  • Belarus: Industrial Output (Oct)
  • more updates...

Economy in Brief

U.S. Existing Home Sales Falter
by Tom Moeller  February 21, 2018

The National Association of Realtors reported that sales of existing homes declined 3.2% during January (-4.8% y/y) to 5.380 million (AR) from 5.560 million in December, revised from 5.570 million. Expectations were for 5.620 million January sales in the Action Economics Forecast Survey.

The median price of all existing homes sold eased to $240,500 (5.8% y/y) from $246,500. The average sales price declined to $282,100 (+4.7% y/y) from $288,300.

Sales of existing single-family homes declined 3.8% last month (-4.8% y/y) to 4.760 million units. Sales of co-ops and condos improved 1.6% (-4.6% y/y) to 620,000.

The number of homes on the market declined 9.5% y/y. The supply of homes for sale rose slightly to 3.4 months, but remained near the record low.

By region, total existing home sales in the Midwest fell 6.0% (-3.8% y/y) to 1.250 million units. Sales in the West declined 5.0% (-9.5% y/y) to 1.140 million units. In the South, sales eased 1.3% (-1.7% y/y) to 2.260 million units. Home sales in the Northeast were off 1.4% (-7.6% y/y) to 730,000 units.

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.

The minutes to the latest FOMC meeting are available here.

Existing Home Sales (SAAR, 000s) Jan Dec Nov Y/Y % 2017 2016 2015
Total 5,380 5,560 5,720 -4.8 5,536 5,441 5,228
   Northeast 730 740 760 -7.6 737 735 684
   Midwest 1,250 1,330 1,400 -3.8 1,304 1,298 1,231
   South 2,260 2,290 2,330 -1.7 2,270 2,217 2,147
   West 1,140 1,200 1,230 -9.5 1,225 1,192 1,167
Single-Family 4,760 4,950 5,050 -4.8 4,910 4,825 4,623
Median Price Total ($, NSA) 240,500 246,500 247,200 5.8 245,950 232,067 219,867
close
large image