Global| Aug 22 2018U.S. Existing Home Sales and Prices Ease
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes during July moved 0.7% lower (-1.5% y/y) to 5.340 million (AR), following an unrevised 5.380 million during June. It was the fourth consecutive month of [...]
The National Association of Realtors reported that sales of existing homes during July moved 0.7% lower (-1.5% y/y) to 5.340 million (AR), following an unrevised 5.380 million during June. It was the fourth consecutive month of decline to the lowest level of sales since February 2016. Expectations had been for 5.41 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold declined 1.5% last month (+4.5% y/y) to $269,600 from the revised record of $273,800. The average sales price fell 1.3% (+3.0% y/y) to $307,800.
Sales of existing single-family homes eased 0.2% last month (-1.2% y/y) to 4.750 million units from 4.760 million. Sales of co-ops and condos declined 4.8% (-3.3% y/y) to 590,000.
The number of homes on the market held steady y/y. The supply of homes on the market also was unchanged at 4.3 months, up from the record low of 3.2 months reached in December.
By region, home sales in the Northeast led last month's total sales decline by falling 8.3% (-1.5% y/y) to 660,000 units. Home sales in the Midwest eased 1.6% (-0.8% y/y) to 1.250 million units. Sales in the South slipped 0.4% both m/m and y/y to 2.240 million units. Moving 4.4% higher were sales in the West to 1.190 million units (-4.0% y/y).
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
The minutes to the latest FOMC meeting are available here.
| Existing Home Sales (SAAR, 000s) | Jul | Jun | May | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 5,340 | 5,380 | 5,410 | -1.5 | 5,536 | 5,441 | 5,228 |
| Northeast | 660 | 720 | 680 | -1.5 | 737 | 735 | 684 |
| Midwest | 1,250 | 1,270 | 1,260 | -0.8 | 1,304 | 1,298 | 1,231 |
| South | 2,240 | 2,250 | 2,300 | -0.4 | 2,270 | 2,217 | 2,147 |
| West | 1,190 | 1,140 | 1,170 | -4.0 | 1,225 | 1,192 | 1,167 |
| Single-Family | 4,750 | 4,760 | 4,790 | -1.2 | 4,910 | 4,825 | 4,623 |
| Median Price Total ($, NSA) | 269,600 | 273,800 | 265,100 | 4.5 | 245,950 | 232,067 | 219,867 |
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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