Recent Updates
- Spain: Credit Institutions Balance Sheet, Debt by Holder (Nov), Public Debt (Dec)
- Flash PMIs: Japan, France, Germany, Euro Area, UK (Jan)
- Iceland: Wage Index, Monetary Statistics (Dec)
- Sweden: Real Estate Price Index (Q4), Real Estate Price (2020)
- more updates...
Economy in Brief
Philadelphia Fed Manufacturing Index Jumps in January
The Federal Reserve Bank of Philadelphia Factory Sector Business Conditions Index jumped to January to 26.5...
U.S. Initial Jobless Claims Ease, but Are Still High
Initial claims for unemployment insurance fell to 900,000 in the week ended January 16...
French Surveys Improve Despite Ongoing Virus Issues
The spread of the virus in Franc is still untamed...
U.S. Home Builder Sentiment Slips in January
The Composite Housing Market Index from the NAHB-Wells Fargo declined 3.5% m/m (+10.7% y/y) in January...
Decline in Refinancing Drags Down U.S. Mortgage Applications
The MBA Mortgage Loan Applications Index fell 1.9% w/w (+56.2% y/y) in the weekend January 15...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 19, 2019
The National Association of Realtors (NAR) reported that sales of existing homes during November fell 1.7% (+2.7% y/y) to 5.350 million (SAAR) after rising to 5.440 million in October, revised from 5.460 million. It was the lowest level of sales since June. The Action Economics Forecast Survey expected November sales of 5.44 million.
The number of homes on the market declined 5.7% y/y to the lowest level in nine months, although the number typically will decline this time of year. The months' supply of homes on the market decreased m/m to 3.7 from 4.0 twelve months ago.
The median price of all existing homes sold edged 0.1% higher (5.4% y/y) to $271,300. The average sales price rose 0.3% (4.0% y/y) last month to $308,000. These price data are not seasonally adjusted.
Existing home sales were mixed around the country in November. In the Midwest, they increased 2.3% (1.5% y/y) to 1.320 million after rising 1.6% in October. Sales in the Northeast gained 1.4% (-1.7% y/y) to 700,000 and reversed the prior month's decline. Month-to-month declines occurred elsewhere in the country. Sales in the South declined 3.9% (+3.7% y/y) to 2.240 million after a 3.6% gain. In the West, sales fell 3.5% (+4.8% y/y) to 1.090 million and were off for the fifth month in the last six.
Sales of existing single-family homes declined 1.2% (+3.5% y/y) to 4.790 million units after rising 1.7% in October. Sales of condos and co-ops fell 5.1% to 560,000 units (-3.4% y/y) after holding steady in October.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Existing Home Sales (SAAR, 000s) | Nov | Oct | Sep | Nov Y/Y % | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Total Sales | 5,350 | 5,440 | 5,360 | 2.7 | 5,341 | 5,531 | 5,437 |
Northeast | 700 | 690 | 700 | -1.7 | 689 | 735 | 733 |
Midwest | 1,320 | 1,290 | 1,270 | 1.5 | 1,265 | 1,301 | 1,297 |
South | 2,240 | 2,330 | 2,250 | 3.7 | 2,246 | 2,270 | 2,215 |
West | 1,090 | 1,130 | 1,140 | 4.8 | 1,141 | 1,225 | 1,192 |
Single-Family Sales | 4,790 | 4,850 | 4,770 | 3.5 | 4,742 | 4,907 | 4,822 |
Median Price Total ($, NSA) | 271,300 | 271,000 | 271,500 | 5.4 | 257,267 | 245,950 | 232,067 |