Global| Jun 21 2017U.S. Existing Home Sales and Prices Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing single-family homes increased 1.1% during May to 5.620 million (AR, 2.7% y/y) from 5.560 million in April, revised from 5.770 million. Expectations had been for 5.540 million purchases in the Action Economics [...]
Sales of existing single-family homes increased 1.1% during May to 5.620 million (AR, 2.7% y/y) from 5.560 million in April, revised from 5.770 million. Expectations had been for 5.540 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes rose 1.0% (2.7% y/y) to 4.980 million units from 4.930 million in April. Sales of condos & co-ops rose 1.6% (3.2% y/y) to 640,000, the highest level since January. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes increased 3.2% (5.8% y/y) to a record $252,800. The average price of an existing home improved 3.4% to $254,600 (6.0% y/y), also a record.
The number of homes on the market declined 8.4% y/y to 1.960 million. The months' sales supply of homes improved to 4.2, the highest level since October.
The increase in home sales last month reflected a 6.8% rise (2.6% y/y) in the Northeast to 780,000 after a 2.7% decline. Home sales in the West improved 3.4% (3.4% y/y) to 1.220 million and made up a 3.3% fall. Sales in the South gained 2.2% (4.5% y/y) to 2.340 million following a 5.4% drop. To the downside were sales in the Midwest which fell 5.9% (-0.8% y/y) to 1.280 million after a 3.8% rise.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Low Interest Rates and Bank Profits from the Federal Reserve Bank of New York is available here.
| Existing Home Sales (SAAR, 000s) | May | Apr | Mar | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,620 | 5,560 | 5,700 | 2.7 | 5,440 | 5,234 | 4,923 |
| Northeast | 780 | 730 | 750 | 2.6 | 735 | 685 | 641 |
| Midwest | 1,280 | 1,360 | 1,310 | -0.8 | 1,296 | 1,231 | 1,134 |
| South | 2,340 | 2,290 | 2,420 | 4.5 | 2,217 | 2,148 | 2,048 |
| West | 1,220 | 1,180 | 1,220 | 3.4 | 1,193 | 1,170 | 1,100 |
| Single-Family | 4,980 | 4,930 | 5,070 | 2.7 | 4,828 | 4,624 | 4,333 |
| Median Price Total ($, NSA) | 252,800 | 245,000 | 236,600 | 5.8 | 232,067 | 219,867 | 206,708 |
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
