Global| Feb 23 2015U.S. Existing Home Sales Backpedal to Nine-Month Low
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes fell 4.9% (+3.2% y/y) during January to 4.820 million (AR), following an unrevised 2.4% rise in December. Home sales were at the lowest point since April and disappointed consensus expectations for 5.00 million [...]
Sales of existing homes fell 4.9% (+3.2% y/y) during January to 4.820 million
(AR), following an unrevised 2.4% rise in December. Home sales were at the
lowest point since April and disappointed consensus expectations for 5.00
million in the Action Economics Forecast Survey. Single-family home sales fell
5.1% last month (+3.9% y/y) to 4.270 million, also a nine-month low, after a
3.4% rise. Condo and co-op sales declined 3.5% last month (-1.8% y/y) to 0.550
million, the lowest level since March. The existing home sales data were revised
back to 2012.
The median sales price of an existing home declined 4.1% to $199,600 from $208,200, revised from $209,500. The latest decline was the sixth in the last seven months but prices remained 6.2% higher than last year. The average sales price fell 2.6% (+4.9% y/y) to $248,100, also the sixth decline in seven months.
By region, sales in the West declined 7.1% (+1.0% y/y), the third decline in four months. Sales in the Northeast were off 6.0% (+3.3% y/y), the third straight monthly drop. In the South, sales fell 4.6% (+5.6% y/y), the second shortfall in three months. Sales in the Midwest were off 2.7% (+0.9% y/y), the fourth decline in five months.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
Smart Money or Dumb Money: Investors' Role in the Housing Bubble from the Federal Reserve Bank of Philadelphia can be found here.
| Existing Home Sales (SAAR, 000s) | Jan | Dec | Nov | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 4,820 | 5,070 | 4,950 | 3.2 | 4,920 | 5,074 | 4,657 |
| Northeast | 630 | 670 | 680 | 3.3 | 640 | 658 | 597 |
| Midwest | 1,080 | 1,110 | 1,130 | 0.9 | 1,131 | 1,194 | 1,063 |
| South | 2,070 | 2,170 | 2,100 | 5.6 | 2,048 | 2,032 | 1,834 |
| West | 1,040 | 1,120 | 1,040 | 1.0 | 1,102 | 1,190 | 1,163 |
| Single-Family Sales | 4,270 | 4,500 | 4,350 | 3.9 | 4,334 | 4,473 | 4,125 |
| Median Price Total ($, NSA) | 199,600 | 208,200 | 207,200 | 6.2 | 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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