Global| Oct 22 2019U.S. Existing Home Sales Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that sales of existing homes fell 2.2% (+3.9% y/y) during September to 5.380 million from 5.50 million in August, revised from 5.490 million. The Action Economics Forecast Survey [...]
The National Association of Realtors (NAR) reported that sales of existing homes fell 2.2% (+3.9% y/y) during September to 5.380 million from 5.50 million in August, revised from 5.490 million. The Action Economics Forecast Survey expected September sales of 5.45 million.
The median price of all existing homes sold declined 2.4% (+5.9% y/y) to $272,100, down for the third consecutive month. The average sales price fell 2.1% (+4.2% y/y) last month to $308,500. These price data are not seasonally adjusted.
Existing home sales fell throughout the country last month, Sales fell 2.8% (+1.5 y/y) in the Northeast to 690,000 after a 7.6% August gain. Sales in the Midwest backpedaled 3.1% to 1.270 million, unchanged y/y, reversing August's increase. Sales in the South fell 2.1% (+6.0% y/y) to 2.280 million after a 0.9% rise in July. In the West sales eased 0.9% (+5.6% y/y) to 1.140 million following a 2.5% decline.
Sales of existing single-family homes decreased 2.6% (+3.9% y/y) to 4.780 million units after a 1.4% August rise. Sales of condos and co-ops rose 1.7% (3.4% y/y) to 600,000 units.
The number of homes on the market declined 2.7% y/y. The months' supply of homes on the market edged higher m/m to 4.1, but remained up from a low of 3.1 months in December 2017.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Sep | Aug | Jul | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,380 | 5,500 | 5,420 | 3.9 | 5,341 | 5,531 | 5,437 |
| Northeast | 690 | 710 | 660 | 1.5 | 689 | 735 | 733 |
| Midwest | 1,270 | 1,310 | 1,270 | 0.0 | 1,265 | 1,301 | 1,297 |
| South | 2,280 | 2,330 | 2,310 | 6.0 | 2,246 | 2,270 | 2,215 |
| West | 1,140 | 1,150 | 1,180 | 5.6 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,780 | 4,910 | 4,840 | 3.9 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 272,100 | 278,900 | 280,400 | 5.9 | 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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