Global| Apr 20 2016U.S. Existing Home Sales and Prices Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes increased 5.1% (1.5% y/y) to 5.330 million (SAAR) during March from 5.070 million in February, revised from 5.080 million. The gain followed February's 7.3% decline and extended a pattern of volatile sideways [...]
Sales of existing homes increased 5.1% (1.5% y/y) to 5.330 million (SAAR) during March from 5.070 million in February, revised from 5.080 million. The gain followed February's 7.3% decline and extended a pattern of volatile sideways movement since last spring. It outpaced the improvement to 5.24 million sales expected in the Action Economics Forecast Survey. Existing single-family home sales rose 5.5% (2.6% y/y) following a 7.2% decline.
The median price of a previously owned home increased 5.7% y/y to $222,700 from an upwardly revised $212,100. The average price of an existing home increased 5.8% y/y to $224,300.
Home sales were strongest last month in the Northeast where they posted an 11.1% gain (7.7% y/y) to 700,000. That rise was followed by a 9.8% increase (0.8% y/y) in the Midwest to 1.230 million. Previously owned home sales in the South followed with a 2.7% gain (2.3% y/y) to 2.250 million. Sales in the West gained 1.8% (-2.5% y/y) to 1.150 million.
The number of existing homes on the market declined 1.5% y/y, and the months' supply of homes rose to 4.5, about where it's been for three years.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Savings after Retirement: A Survey from the Federal Reserve Bank of Chicago can be found here.
| Existing Home Sales (SAAR, 000s) | Mar | Feb | Jan | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 5,330 | 5,070 | 5,470 | 1.5 | 5,254 | 4,935 | 5,087 |
| Northeast | 700 | 630 | 760 | 7.7 | 691 | 645 | 658 |
| Midwest | 1,230 | 1,120 | 1,300 | 0.8 | 1,224 | 1,131 | 1,194 |
| South | 2,250 | 2,190 | 2,240 | 2.3 | 2,151 | 2,051 | 2,040 |
| West | 1,150 | 1,130 | 1,170 | -2.5 | 1,172 | 1,103 | 1,188 |
| Single-Family Sales | 4,760 | 4,510 | 4,860 | 2.6 | 4,626 | 4,344 | 4,484 |
| Median Price Total ($, NSA) | 222,700 | 212,100 | 213,700 | 5.7 | 219,867 | 206,708 | 195,667 |
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
