Global| Sep 21 2015U.S. Existing Home Sales And Prices Ease
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes declined 4.8% (-5.4% y/y) during August to 5.310 million (AR) from 5.580 million in July, revised from 5.590 million. July sales were the strongest since February 2007. The latest figure fell short of [...]
Sales of existing homes declined 4.8% (-5.4% y/y) during August to 5.310 million (AR) from 5.580 million in July, revised from 5.590 million. July sales were the strongest since February 2007. The latest figure fell short of expectations for 5.50 million sales in the Action Economics Forecast Survey. Single-family home sales fell 5.3% last month to 4.690 million (+5.2% y/y). Condo and co-op sales eased 1.6% (+7.3% y/y) after a 3.1% decline.
The median sales price of an existing home fell 1.3% to $228,700 (+4.7% y/y) and was down from June's record $236,300. The average sales price fell 1.6% to $271,600 (+3.0% y/y).
By region, sales in the Northeast held steady at 0.700 million (5.9% y/y) after July's 2.8% decline. In the Midwest, sales eased 1.5% (+5.2% y/y) to 1.280 million and repeated the July drop. Sales in the West retreated 7.8% (+4.9% y/y) to 1.190 million following a 4.0% rise. In the South, sales declined 6.6% (+5.7% y/y) to 2.140 million on the heels of a 4.1% July increase.
The composite index of home affordability fell to 151.2 in July, its lowest level since November 2008. Payments as a percent of income rose to 16.5%, up from 11.7% in January 2013.
The inventory of unsold homes declined 1.7% y/y to 2.290 million. The months supply of homes on the market rose to 5.2 months, down from the 11.9 month high in July 2010.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
U.S. Output Growth Moderately Strong Amid Slower Global Growth from the Federal Reserve Bank of Dallas is available here.
| Existing Home Sales (SAAR, 000s) | Aug | Jul | Jun | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 5,310 | 5,580 | 5,480 | 5.4 | 4,935 | 5,087 | 4,656 |
| Northeast | 700 | 700 | 720 | 5.9 | 645 | 658 | 596 |
| Midwest | 1,280 | 1,300 | 1,320 | 5.2 | 1,136 | 1,201 | 1,068 |
| South | 2,140 | 2,290 | 2,200 | 5.7 | 2,051 | 2,040 | 1,834 |
| West | 1,190 | 1,290 | 1,240 | 4.9 | 1,103 | 1,188 | 1,158 |
| Single-Family Sales | 4,690 | 4,950 | 4,830 | 5.2 | 4,334 | 4,473 | 4,125 |
| Median Price Total ($, NSA) | 228,700 | 231,800 | 236,300 | 4.7 | 206,708 | 195,667 | 175,433 |
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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