Global| Jul 25 2007Existing Home Sales Fell Again in June, Lowest Since 2002
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes fell again in June. The 3.8% to 5.750M units to the lowest level since November 2002. Sales were down 20.2% from the peak during September of 2005. Sales of single family homes fell a sharper 3.5% last month [...]
Sales of existing homes fell again in June. The 3.8% to 5.750M units to the lowest level since November 2002. Sales were down 20.2% from the peak during September of 2005.
Sales of single family homes fell a sharper 3.5% last month after a 1.0% decline in May. Sales were 20.5% lower than during the peak month of September 2005.
By region, single family home sales fell 5.3% (-10.0% y/y) in the Northeast. Out West sales dropped 6.5% (-19.4% y/y) in June. Sales in the Midwest dropped 3.2% (-8.3% y/y) and down South sales fell 1.4% (-11.1% y/y).
The inventory of single family "homes on the market" dropped 2.7%. The decline was the only the first this year and inventories were up 12.7% from last year.
The median price of an existing single family home rose 3.8% but versus last year, the price of $230,300 was up just 0.1%.
The broad aggregate data on existing home sales are included in Haver's USECON database; details about prices by region and inventories are available in the REALTOR database.Comparing the prime and subprime mortgage markets from the Federal Reserve Bank of Chicago is available here.
| Existing Home Sales (SAAR, 000s) | June | May | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total Sales | 5,750 | 5,980 | -11.4% | 6,510 | 7,065 | 6,727 |
| Single-Family Sales | 5,010 | 5,190 | -12.1% | 5,708 | 6,182 | 5,914 |
| Median Single-Family Home Price (NSA,000s) | $230.3 | $221.9 | 0.1% | $221.9 | $217.5 | $192.8 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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