Global| Feb 21 2014U.S. Existing Home Sales and Prices Weaken
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing single-family homes in January declined 5.1% (-5.1% y/y) to 4.620 million (AR) versus an unrevised 4.870 million in December. Sales were down 14.1% versus the July high and fell short of 4.700 million expected in the [...]
Sales of existing single-family homes in January declined 5.1% (-5.1% y/y) to 4.620 million (AR) versus an unrevised 4.870 million in December. Sales were down 14.1% versus the July high and fell short of 4.700 million expected in the Action Economics survey. Sales of existing single family homes fell 5.8% last month to 4.050 million (-6.0% y/y). Sales of condos and co-ops were unchanged m/m and were 1.8% higher than January last year. Data back through 2009 were revised.
The median sales price of an existing single-family home declined 4.5% to $188,900 last month (+10.7% y/y) and was 11.7% lower than the recent peak this past June. Prices also remained 18.0% below the 2006 all-time peak.
The inventory of unsold homes rose a modest 2.2% last month but remained down by 53.0% since the 2007 peak. The months' supply of unsold homes nudged up m/m to 4.9. That was nearly the lowest level of the cycle and compares to an 11.9 month supply in July of 2010.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
Why Is the Job-Finding Rate Still Low? from the Federal Reserve Bank of New York is available here.
| Existing Home Sales (SAAR, 000s) | Jan | Dec | Nov | Y/Y % | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Total | 4,620 | 4,870 | 4,830 | -5.1 | 5,073 | 4,659 | 4,277 |
| Northeast | 620 | 640 | 650 | -3.1 | 659 | 597 | 543 |
| Midwest | 1,040 | 1,120 | 1,150 | -8.8 | 1,193 | 1,064 | 917 |
| South | 1,950 | 2,020 | 1,990 | 1.6 | 2,032 | 1,834 | 1,683 |
| West | 1,010 | 1,090 | 1,040 | -13.7 | 1,190 | 1,164 | 1,133 |
| Single-Family Sales | 4,050 | 4,300 | 4,220 | -6.0 | 4,471 | 4,128 | 3,792 |
| Median Price Total ($, NSA) | 188,900 | 197,700 | 195,500 | 10.7 | 195,667 | 175,442 | 164,542 |
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.
