Recent Updates
- Global Supply Chain Pressure Index (Mar, Apr)
- US: Job Openings and Labor Turnover Survey by State (Mar)
- US: New Residential Construction (Apr)
- Canada: CPI (Apr)
- Japan: NCI Economic Activity Index (May)
- more updates...
Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller September 20, 2018
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%). July's figure was unrevised. Sales remained at the lowest level since February 2016, down 6.6% versus the November peak. Expectations had been for 5.37 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold declined 1.7% last month (+4.6% y/y) to $264,800, down 3.3% from the June record of $273,800. The average sales price fell 1.4% for a second month (+3.0% y/y) to $303,200.
Sales of existing single-family homes held steady last month (-1.0% y/y) at 4.750 million units. Sales of co-ops & condos also were unchanged (-4.8% y/y) at 590,000.
The number of homes on the market increased 2.7% y/y. The supply of homes on the market was unchanged at 4.3 months, up from the record low of 3.2 months in December.
By region, home sales in the Northeast rose 7.6% (-2.7% y/y) to 710,000 units and reversed most of July's decline. Home sales in the Midwest increased 2.4% (-0.8% y/y) to 1.280 million units. Sales in the South slipped 0.4% (+1.8% y/y) for a second straight month to 2.230 million units. Sales in the West fell 5.9% (-7.4% y/y) to 1.120 million.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Existing Home Sales (SAAR, 000s) | Aug | Jul | Jun | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total | 5,340 | 5,340 | 5,380 | -1.5 | 5,536 | 5,441 | 5,228 |
Northeast | 710 | 660 | 720 | -2.7 | 737 | 735 | 684 |
Midwest | 1,280 | 1,250 | 1,270 | -0.8 | 1,304 | 1,298 | 1,231 |
South | 2,230 | 2,240 | 2,250 | 1.8 | 2,270 | 2,217 | 2,147 |
West | 1,120 | 1,190 | 1,140 | -7.4 | 1,225 | 1,192 | 1,167 |
Single-Family | 4,750 | 4,750 | 4,760 | -1.0 | 4,910 | 4,825 | 4,623 |
Median Price Total ($, NSA) | 264,800 | 269,300 | 273,800 | 4.6 | 245,950 | 232,067 | 219,867 |