Global| Jun 20 2018U.S. Existing Home Sales Decline While Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes fell 0.4% (-3.0% y/y) during May to 5.430 million units (AR) following a 2.7% April decline to 5.450 million units, revised from 5.460 million. It was the [...]
The National Association of Realtors reported that sales of existing homes fell 0.4% (-3.0% y/y) during May to 5.430 million units (AR) following a 2.7% April decline to 5.450 million units, revised from 5.460 million. It was the lowest level of sales since January. Expectations had been for 5.40 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold rose 2.7% to $264,800 (4.9% y/y) from $257,900. The average sales price strengthened 1.9% to a record $303,500 (3.1% y/y).
Sales of existing single-family homes slipped 0.6% last month (-3.0% y/y) to 4.810 million units. Sales of co-ops and condos increased 1.6% (-3.1% y/y) to 620,000.
The number of homes on the market declined 6.1% y/y. The supply of homes rose slightly to 4.1 months, up modestly from the record low reached in December.
By region, home sales in the Northeast increased 4.6% (-11.7% y/y) to 680,000 units. Home sales in the Midwest declined 2.3% both m/m and y/y to 1.260 million units. Sales in the South eased 0.4% (0.0% y/y) to 2.320 million units. In the West, sales slipped 0.8% (-4.1% y/y) to 1.170 million units.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Monetary Policy at a Time of Uncertainty and Tight Labor Markets from Fed Chairman Jerome H. Powell can be found here.
| Existing Home Sales (SAAR, 000s) | May | Apr | Mar | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 5,430 | 5,450 | 5,600 | -3.0 | 5,536 | 5,441 | 5,228 |
| Northeast | 680 | 650 | 680 | -11.7 | 737 | 735 | 684 |
| Midwest | 1,260 | 1,290 | 1,290 | -2.3 | 1,304 | 1,298 | 1,231 |
| South | 2,320 | 2,330 | 2,400 | 0.0 | 2,270 | 2,217 | 2,147 |
| West | 1,170 | 1,180 | 1,230 | -4.1 | 1,225 | 1,192 | 1,167 |
| Single-Family | 4,810 | 4,840 | 4,990 | -3.0 | 4,910 | 4,825 | 4,623 |
| Median Price Total ($, NSA) | 264,800 | 257,900 | 249,800 | 4.9 | 245,950 | 232,067 | 219,867 |
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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