Global| Jul 20 2011U.S. Existing Home Sales Decline Again
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported a further loss of strength in the housing market. Sales of existing homes during June slipped 0.8% to 4.770M from an unrevised 4.810M in May. The latest was weaker than Consensus [...]
The National Association of Realtors reported a further loss of strength in the housing market. Sales of existing homes during June slipped 0.8% to 4.770M from an unrevised 4.810M in May. The latest was weaker than Consensus expectations for 4.900M, according to Action Economics. Total sales include sales of condos and co-ops. Sales of existing single-family homes alone were unchanged m/m at 4.240M (-7.4% y/y). (These data have a longer history than the total sales series.) Sales of condos and co-ops fell 7.0% m/m (-18.0% y/y).
The months' supply of homes on the market rose to 9.5 with the weakness in sales. Nevertheless, the number of homes on the market fell 3.1% y/y and it has been stable since early-2009.
The median price of all existing homes rose 8.9% m/m to $184,300. Prices have risen to their highest since October, 2008. The price of a single-family home rose 8.7% last month to $184,600 (0.6% y/y). Home affordability fell during June with the rise in prices but remained up more than two-thirds from the 2006 low. Mortgage payments for all as a percent of income were near the record low at 13.7%.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.
How Much Has House Lock Affected Labor Mobility and the Unemployment Rate? from the Federal Reserve Bank of Chicago can be found here.
| Existing Home Sales (Thous, SAAR) | June | May | Apr | Y/Y% | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 4,770 | 4,810 | 5,000 | -18.8 | 4,918 | 5,149 | 4,894 |
| Northeast | 730 | 770 | 790 | -17.0 | 825 | 863 | 848 |
| Midwest | 1,040 | 1,030 | 1,090 | -14.0 | 1,076 | 1,168 | 1,128 |
| South | 1,860 | 1,850 | 1,950 | -5.6 | 1,861 | 1,907 | 1,857 |
| West | 1,140 | 1,160 | 1,170 | -2.6 | 1,155 | 1,214 | 1,062 |
| Single-Family Sales | 4,240 | 4,240 | 4,380 | -7.4 | 4,311 | 4,559 | 4,337 |
| Median Price, Total, ($, NSA) | 184,300 | 169,300 | 161,100 | 0.8 | 172,442 | 172,742 | 197,233 |
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.
