Recent Updates
- Pakistan: Scheduled Banks-Deposits, Advances & Investments (May)
- Vietnam: FDI (Jun)
- France: Registered Unemployment & Vacancies (May)
- Malta: PPI, Unemployment Rate (May)
- Bulgaria: Job Vacancies, Import and Export Price Indexes (Q1)
- more updates...
Economy in Brief
Italian Consumer Confidence Remains Hammered Down
Italy's consumer confidence fell month-to-month...
U.S. Current Account Deficit Deepens to Record in Q1'22
The U.S. current account deficit deepened to $291.4 billion during Q1'22...
Kansas City Fed Manufacturing Index Declines Further in June But Remains Positive
The Kansas City Fed reported that its manufacturing sector business activity index fell to 12 in June...
U.S. Unemployment Claims Edged Down
Initial claims for unemployment insurance filed in the week ended June 18 declined by 2,000 to 229,000...
U.S. Energy Prices Reverse Earlier Gains
Retail gasoline prices surged to $5.01 per gallon (63.1% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 22, 2021
• Sales increase to nine-month high.
• Changes are mixed amongst regions.
• Prices firm.
Strength in job growth and low interest rates continue to lift housing market activity. The National Association of Realtors (NAR) reported that sales of existing homes improved 0.8% (-5.8% y/y) in October to 6.340 million units (SAAR) following an unrevised 7.0% September gain to 6.290 million. October sales stood at the highest level since January of this year, up 9.7% since a May low. The Action Economics Forecast Survey expected a decline in sales to 6.20 million units in October. These data are compiled when existing home sales close.
Existing single-family home sales increased 1.3% (-5.8% y/y) in October to 5.660 million units after rising 7.7% in September. Sales of condos and co-ops declined 2.9% (-5.6% y/y) to 680,000 after increasing 1.4% in September.
Sales patterns varied across the country last month. In the Northeast, sales fell 2.6% (-13.8% y/y) to 750,000 units following a 5.5% September increase. Sales in the Midwest offset that decline and rose 4.2% (-6.3% y/y) to 1.500 million, the fourth firm gain in five months. Sales in the South improved 0.4% (-3.5% y/y) to 2.780 million units after an 8.6% September rise. Sales in the West held steady (-5.1% y/y) at 1.310 million units after rising 6.5% September.
The median price of an existing home rose 0.8% (13.1% y/y) to $353,900 in October. Prices in the Northeast fell 2.1% (+6.4% y/y) to $379,100 and in the Midwest they eased 1.3% (+7.8% y/y) to $259,800. In the South, home prices strengthened 3.3% (16.1% y/y) to $315,500 and in the West prices edged 0.2% higher (7.7% y/y) to $507,200. The price data are not seasonally adjusted
The number of existing homes on the market fell 0.8% (NSA) in October to 1.250 million units (-12.0% y/y). The supply of homes on the market held at 2.4 months, remaining well below the high of 4.6 months in May of last year and above the all-time low of 1.9 months reached last December. These figures date back to January 1999.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors. The data on single-family home sales extend back to February 1968. Total sales and price data and regional sales can be found in Haver's USECON database. Regional price and affordability data and national inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Economic Outlook from Fed Governor Christopher J. Waller can be found can be found here.Existing Home Sales (SAAR, 000s) | Oct | Sep | Aug | Oct Y/Y % | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|
Total Sales | 6,340 | 6,290 | 5,880 | -5.8 | 5,658 | 5,327 | 5,334 |
Northeast | 750 | 770 | 730 | -13.8 | 705 | 684 | 686 |
Midwest | 1,500 | 1,440 | 1,370 | -6.3 | 1,339 | 1,246 | 1,262 |
South | 2,780 | 2,770 | 2,550 | -3.5 | 2,458 | 2,282 | 2,246 |
West | 1,310 | 1,310 | 1,230 | -5.1 | 1,156 | 1,115 | 1,141 |
Single-Family Sales | 5,660 | 5,590 | 5,190 | -5.8 | 5,076 | 4,749 | 4,736 |
Median Price Total ($, NSA) | 353,900 | 351,200 | 357,700 | 13.1 | 295,217 | 269,783 | 257,267 |