Global| May 24 2017U.S. Existing Home Sales Decline; Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing single-family homes declined 2.3% during April to 5.570 million (AR, +1.6% y/y)) from 5.700 million in March, revised from 5.710 million. Expectations had been for 5.640 million purchases in the Action Economics [...]
Sales of existing single-family homes declined 2.3% during April to 5.570 million (AR, +1.6% y/y)) from 5.700 million in March, revised from 5.710 million. Expectations had been for 5.640 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes fell 2.4% (+1.6% y/y) to 4.950 million units versus 5.070 in March. Sales of condos & co-ops fell 1.6% (+1.6% y/y) to 620,000 following a 5.0% increase. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes increased 3.5% (6.0% y/y) to $244,800. The rise was to the highest level since last June. The average price of an existing home improved 3.2% to $287,500 (5.1% y/y).
The number of homes on the market declined 9.0% y/y to 1.930 million. The months' sales supply of homes increased to 4.2, the highest level in six months.
The decline in home sales last month reflected a 5.0% fall (+3.6% y/y) in the South to 2.300 million after a 5.0% decline. Home sales in the West were off 3.3% (+3.5% y/y) to 1.180 million. Sales fell 2.7% (-2.7% y/y) in the Northeast to 730,000 after an 8.7% increase. Sales in the Midwest gained 3.8% (-0.7% y/y) to 1.360 million after a 9.2% rise.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Assessment of Current Economic Conditions and Implications for Monetary Policy from Robert S. Kaplan, President, Federal Reserve Bank of Dallas is available here.
| Existing Home Sales (SAAR, 000s) | Apr | Mar | Feb | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,570 | 5,700 | 5,470 | 1.6 | 5,452 | 5,254 | 4,935 |
| Northeast | 730 | 750 | 690 | -2.7 | 733 | 691 | 645 |
| Midwest | 1,360 | 1,310 | 1,200 | -0.7 | 1,304 | 1,240 | 1,136 |
| South | 2,300 | 2,420 | 2,340 | 3.6 | 2,218 | 2,151 | 2,051 |
| West | 1,180 | 1,220 | 1,240 | 3.5 | 1,197 | 1,172 | 1,103 |
| Single-Family | 4,950 | 5,070 | 4,870 | 1.6 | 4,838 | 4,646 | 4,344 |
| Median Price Total ($, NSA) | 244,800 | 236,600 | 228,200 | 6.0 | 232,067 | 219,867 | 206,708 |
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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