Recent Updates

  • US: Consumer Sentiment (Sep-prelim)
  • Germany: Real Estate Opinion (Sep)
  • Slovakia: BOP (Jul)
  • Croatia: Short-term Indicators of Energy (Jul)
  • Mexico: IOAE - Estimated Econ Activity (Aug)
  • more updates...

Economy in Brief

U.S. Existing Home Sales Rise Moderately in July
by Tom Moeller  August 23, 2021

• Sales increase to four-month high.

• Prices slip throughout much of the country.

• Months' supply of homes on the market edges higher.

The National Association of Realtors (NAR) reported that sales of existing homes rose 2.0% (1.5% y/y) during July to 5.990 million (SAAR) following a 1.6% June rise to 5.870 million, revised from 5.860 million. The Action Economics Forecast Survey expected sales of 5.840 million in June. These data are compiled when existing home sales close.

Sales rose throughout most of the country last month. Sales in the Midwest gained 3.8% (-1.4% y/y) to 1.380 million after improving 3.1% in June. In the West, sales rose 3.3% to 1.24 million after a 1.7% June rise, but were unchanged y/y. Sales in the South gained 1.2% both m/m and y/y to 2.63 million after a 0.4% June improvement. Sales in the Northeast were unchanged at 740,000, up 12.1% y/y, after June's 2.8% rise.

The median price of an existing home slipped 0.8% (17.8% y/y) to $359,900. The median home price was highest in the West, where it rose 0.3% (12.5% y/y) to $508,300. In the Northeast, the median price eased 0.4% (+23.6% y/y) to $411,200. The median home price in the South declined 1.7% (+14.4% y/y) to $305,200. In the Midwest, prices fell 1.1% (+13.1% y/y) to $275,300. The average sales price of all existing homes eased 0.7% last month (+12.0% y/y) to $378,700. The price data are not seasonally adjusted.

The number of existing homes on the market rose 7.3% (NSA) during July to 1.32 million, but the level was down 12.0% y/y. These figures date back to January 1999. The supply of homes on the market rose slightly to 2.6 months, but remained well below its high of 4.6 months in May of last year.

Sales of existing single-family homes rose 2.7% (-0.8% y/y) in July to 5.280 million units (SAAR) after rising 1.4% in June. Sales of condos and co-ops fell 2.7% (+22.4% y/y) to 710,000.

The data on existing home sales, prices and affordability are compiled by the National Association of Realtors. The data trace back to February 1968. Total sales and price data and regional sales can be found in Haver's USECON database. Regional price and affordability data and national 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) Jul Jun May Jul Y/Y % 2020 2019 2018
Total Sales 5,990 5,870 5,780 1.5 5,658 5,327 5,334
   Northeast 740 740 720 12.1 705 684 686
   Midwest 1,380 1,330 1,290 -1.4 1,339 1,246 1,262
   South 2,630 2,600 2,590 1.2 2,458 2,282 2,246
   West 1.240 1,200 1,180 0.0 1,156 1,115 1,141
 Single-Family Sales 5,280 5,140 5,070 -0.8 5,076 4,749 4,736
Median Price Total ($, NSA) 359,900 362,800 350,400 17.8 295,217 269,783 257,267
close
large image