Global| May 21 2019U.S. Existing Home Sales Continue to Slide
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes during April eased 0.4% (-4.4% y/y) to 5.190 million units (SAAR) after an unrevised March decline to 5.210 million. It was the lowest level of sales in three [...]
The National Association of Realtors reported that sales of existing homes during April eased 0.4% (-4.4% y/y) to 5.190 million units (SAAR) after an unrevised March decline to 5.210 million. It was the lowest level of sales in three months. Sales of 5.33 million had been expected in the Action Economics Forecast Survey.
The median price of all existing homes sold improved 2.9% (3.6% y/y) last month to $267,300 (NSA). Prices hit a record $273,800 last June. The average sales price rose 2.6% (2.5% y/y) to $305,200.
Existing home sales were mixed m/m around the country. Sales in the Northeast declined 4.5% both m/m and y/y to 640,000. In the South, sales eased 0.4% (-1.7% y/y) to 2.270 million. Existing home sales in the Midwest held steady (-7.9% y/y) at 1.170 million, but sales in the West improved 1.8% (-5.9% y/y) to 1.110 million.
Sales of existing single-family homes declined 1.1% (-4.0% y/y) to 4.620 million units, the fourth decline in the last five months. Sales of condos and co-ops rebounded 5.6% (-8.1% y/y) to 570,000 units.
The number of homes on the market increased 1.7% y/y. The months' supply of homes on the market rose to 4.2 up from a low of 3.1 months in December 2017.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Apr | Mar | Feb | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,190 | 5,210 | 5,480 | -4.4 | 5,341 | 5,531 | 5,437 |
| Northeast | 640 | 670 | 690 | -4.5 | 689 | 735 | 733 |
| Midwest | 1,170 | 1,170 | 1,270 | -7.9 | 1,265 | 1,301 | 1,297 |
| South | 2,270 | 2,280 | 2,360 | -1.7 | 2,246 | 2,270 | 2,215 |
| West | 1,110 | 1,090 | 1,160 | -5.9 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,620 | 4,670 | 4,910 | -4.0 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 267,300 | 259,700 | 250,100 | 3.6 | 257,267 | 245,950 | 232,067 |
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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