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Economy in Brief

U.S. Existing Home Sales Slip As Prices Strengthen
by Tom Moeller  July 23, 2018

The National Association of Realtors reported that sales of existing homes eased 0.6% (-2.2% y/y) to 5.380 million (AR) during June following a decline to 5.410 million in May, revised from 5.430 million. It was the third straight month of decline to the lowest level of sales since January. Expectations had been for 5.44 million sales in the Action Economics Forecast Survey.

The median price of all existing homes sold strengthened 4.5% (5.2% y/y) to a record $276,900 from $265,100. The average sales price rose 3.7% to $314,900 (3.8% y/y).

Sales of existing single-family homes slipped 0.6% last month (-2.3% y/y) to 4.76 million units from 4.790 million. Sales of co-ops and condos held steady (-1.6% y/y) at 620,000.

The number of homes on the market improved 0.5% y/y. The supply of homes rose slightly to 4.3 months, up from the record low of 3.2 months reached in December.

By region, home sales in the Northeast increased 5.9% (-4.0% y/y) to 720,000 units. Home sales in the Midwest inched 0.8% higher (-3.1% y/y) to 1.270 million units. Sales in the South declined 2.2% (+0.4% y/y) to 2.250 million units. In the West, sales were off 2.6% (-5.0% y/y) to 1.140 million 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.

Existing Home Sales (SAAR, 000s) Jun May Apr Y/Y % 2017 2016 2015
Total 5,380 5,410 5,450 -2.2 5,536 5,441 5,228
   Northeast 720 680 650 -4.0 737 735 684
   Midwest 1,270 1,260 1,290 -3.1 1,304 1,298 1,231
   South 2,250 2,300 2,330 0.4 2,270 2,217 2,147
   West 1,140 1,170 1,180 -5.0 1,225 1,192 1,167
Single-Family 4,760 4,790 4,840 -2.3 4,910 4,825 4,623
Median Price Total ($, NSA) 276,900 265,100 257,900 5.2 245,950 232,067 219,867
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