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Economy in Brief

U.S. Existing Home Sales Decline As Prices Rise
by Tom Moeller  July 23, 2019

The National Association of Realtors reported that sales of existing homes declined 1.7% in June (-2.2% y/y) to 5.270 million (SAAR) from 5.360 million during May, revised from 5.340 million. Sales remained 6.9% higher than the recent low during January. Sales of 5.34 million had been expected in the Action Economics Forecast Survey.

The median price of all existing homes sold increased 2.7% last month (4.3% y/y) to a record $285,700 (NSA). The average sales price rose 2.2% (3.1% y/y) to $321,600, also a record.

Existing home sales were mixed m/m throughout the country during June. Existing home sales in the Midwest improved 1.6% (-1.6% y/y) to 1.250 million after two months of increase. Sales in the Northeast rose 1.5% (-4.2% y/y) to 680,000 and added to May's gain. Working lower were sales in the South by 3.4% (-0.4% y/y) to 2.250 million after a 2.2% gain. Sales in the West were off 3.5% (-5.2% y/y) to 1.090 million after two straight months of 1.8% increase.

Sales of existing single-family homes declined 1.5% (-1.7% y/y) to 4.690 million units and reversed May's increase. Sales of condos and co-ops were off 3.3% (-6.5% y/y) to 580,000 units and also reversed May's gain.

The number of homes on the market was unchanged y/y. The months' supply of homes on the market rose to 4.4, up from a low of 3.1 months in December 2017.

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 % 2018 2017 2016
Total 5,270 5,360 5,210 -2.2 5,341 5,531 5,437
   Northeast 680 670 640 -4.2 689 735 733
   Midwest 1,250 1,230 1,180 -1.6 1,265 1,301 1,297
   South 2,250 2,330 2,280 -0.4 2,246 2,270 2,215
   West 1,090 1,130 1,110 -5.2 1,141 1,225 1,192
Single-Family 4,690 4,760 4,630 -1.7 4,742 4,907 4,822
Median Price Total ($, NSA) 285,700 278,200 266,900 4.3 257,267 245,950 232,067
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