Recent Updates

  • UK: Lloyds TSB Business Barometer (Nov)
  • China: Steel PMI, Manufacturing PMI, Nonmanufacturing PMI (Nov)
  • New Zealand: ANZ Business Outlook Survey (Nov)
  • Australia: Assets & Liabilities of ADIS (Oct), External Debt, International Investment Position, BOP (Q3)
  • more updates...

Economy in Brief

U.S. Existing Home Sales Show Unexpected Strength in September
by Tom Moeller  October 21, 2021

• Sales rebound after first-half 2021 declines.

• Increase spans all major regions.

• Inventory of unsold homes continues to fall.

The National Association of Realtors (NAR) reported that sales of existing homes strengthened 7.0% (-2.3% y/y) in September to 6.290 million units (SAAR. August sales of 5.880 million were unrevised. September sales were at the highest level since January. The Action Economics Forecast Survey expected sales of 6.08 million units in September. These data are compiled when existing home sales close.

Existing single-family home sales increased 7.7% (-3.1% y/y) in September to 5.590 million units after falling 1.9% in August. Sales of condos and co-ops increased 1.4% (4.5% y/y) to 700,000.

Sales rose across the country last month. In the Northeast, sales increased 5.5% (-8.3% y/y) to 770,000 units following a 1.4% August decline. Sales in the Midwest gained 5.1% (-2.7% y/y) in September to 1.440 million units after falling 1.4% in August. Sales in the South strengthened 8.6% to 2.770 million units, but were unchanged y/y. Sales in the West improved 6.5% (-3.0% y/y) to 1.310 million units after easing 0.8% in August.

The median price of an existing home fell 1.4% (+13.3% y/y) to $352,800 in September. Monthly price declines were sharp in the Northeast (+9.2% y/y) and in the Midwest (+9.1% y/y). Modest m/m price changes were registered in the South (+14.8% y/y) and in the West (+8.3% y/y). The price data are not seasonally adjusted

The number of existing homes on the market fell 0.8% (NSA) in September to 1.270 million units (-13.0% y/y). These figures date back to January 1999. The supply of homes on the market fell to 2.4 months and remained below the high of 4.6 months in May of last year. It was marginally above the all time low of 1.9 months reached last December.

The data on existing home sales, prices and affordability are compiled by the National Association of Realtors. The data extend 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) Sep Aug Jul Sep Y/Y % 2020 2019 2018
Total Sales 6,290 5,880 6,000 -2.3 5,658 5,327 5,334
   Northeast 770 730 740 -8.3 705 684 686
   Midwest 1,440 1,370 1,390 -2.7 1,339 1,246 1,262
   South 2,770 2,550 2,630 0.0 2,458 2,282 2,246
   West 1,310 1,230 1,240 -3.0 1,156 1,115 1,141
 Single-Family Sales 5,590 5,190 5,290 -3.1 5,076 4,749 4,736
Median Price Total ($, NSA) 352,800 357,700 359,500 13.3 295,217 269,783 257,267
close
large image