Global| Jul 24 2017U.S. Existing Home Sales Ease While Prices Improve
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes declined 1.8% (+0.7% y/y) during June to 5.520 million units (AR) from an unrevised 5.620 million in May. It was the lowest level of sales since February. Expectations were for 5.580 million sales in the Action [...]
Sales of existing homes declined 1.8% (+0.7% y/y) during June to 5.520 million units (AR) from an unrevised 5.620 million in May. It was the lowest level of sales since February. Expectations were for 5.580 million sales in the Action Economics Forecast Survey.
The median price of existing homes increased 4.5% (6.5% y/y) to $263,800. Prices rose 7.4% y/y in the West to $378,100. Prices gained 4.1% y/y in the Northeast to $296,300. In the Midwest, prices increased 7.7% y/y to $213,000, while in the South, prices rose 6.2% y/y to $231,000.
Sales of existing single-family homes fell 2.0% (+0.6% y/y) to 4.880 million while sales of co-ops and condos held steady (1.6% y/y) at 480,000.
The number of homes on the market eased 0.5% (-7.1% y/y) to 19.6 million. There was a 4.3 months sales supply, up from 3.5 months at in January, but down from 4.6 months last June.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Jun | May | Apr | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,520 | 5,620 | 5,560 | 0.7 | 5,440 | 5,234 | 4,923 |
| Northeast | 760 | 780 | 730 | 1.3 | 735 | 685 | 641 |
| Midwest | 1,320 | 1,280 | 1,360 | 0.0 | 1,296 | 1,231 | 1,134 |
| South | 2,230 | 2,340 | 2,290 | 4.5 | 2,217 | 2,148 | 2,048 |
| West | 1,210 | 1,220 | 1,180 | 2.5 | 1,193 | 1,170 | 1,100 |
| Single-Family | 4,880 | 4,980 | 4,930 | 0.6 | 4,828 | 4,624 | 4,333 |
| Median Price Total ($, NSA) | 263,800 | 252,500 | 245,000 | 6.5 | 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.
