Global| Jan 02 2008Existing Home Sales Up Slightly
by:Tom Moeller
|in:Economy in Brief
Summary
According to the National Association of Realtors, sales of existing homes ticked 0.4% higher during November. The rise, however, did little to recover declines during the prior eight months which totaled 25.4% Moreover, sales [...]
According to the National Association of Realtors, sales of existing homes ticked 0.4% higher during November. The rise, however, did little to recover declines during the prior eight months which totaled 25.4% Moreover, sales remained nearly one third lower than at the peak in late 2005
Sales of single family homes led November's rise with a 0.7% gain which was the first m/m gain since February. Sales in the West jumped 10.1% (-25.6% y/y) but that was the only region to post a gain. Sales in the Midwest fell 0.9% m/m (-16.7% y/y). Single family home sales in the Northeast fell 3.0% (-19.0% y/y) and sales in the South fell 1.1% (-18.9% y/y).
The median price of an existing single family home rose 1.9% (-3.7% y/y) and recouped all of the prior month's decline.
Perspectives on Housing and the Economic Outlook from the Federal Reserve Bank of Kansas City can be found here.
| Existing Single Family Home Sales |
November | y/y % | October | November '06 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|---|
| Total | 5,000 | -20.0 | 4,980 | 6,250 | 6,510 | 7,075 | 6,727 |
| Northeast | 870 | -19.4 | 1,080 | 1,030 | 1,088 | 1,169 | 1,113 |
| Midwest | 1,180 | -16.9 | 1,180 | 1,420 | 1,492 | 1,588 | 1,550 |
| South | 1,990 | -19.4 | 2,030 | 2,470 | 2,578 | 2,704 | 2,540 |
| West | 960 | -25.0 | 870 | 1,2800 | 1,353 | 1,616 | 1,575 |
| Single-Family | 4,400 | -19.9 | 4,370 | 5,490 | 5,677 | 6,182 | 5,958 |
| Median Price, Total, $ | 210,200 | -3.3 | 206,9000 | 217,300 | 222,000 | 218,217 | 193,233 |
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.
More Economy in Brief
