Global| Mar 21 2011U.S. Existing Home Sales Fall And Prices At Ten-Year Low
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes fell during February to 4.880M (AR), from a revised January reading of 5.400M, initially reported at 5.560M. The last was well short of Consensus expectations [...]
The National Association of Realtors reported that sales of existing homes fell during February to
4.880M (AR), from a revised January reading of 5.400M, initially reported
at 5.560M. The last was well short of Consensus expectations for 5.14M
sales according to Action Economics. Total sales include sales of condos and co-ops. Sales of
existing single-family homes alone fell 9.6% (-2.7% y/y) from January to
4.250M. (These data have a longer history than the total sales series.)
Sales of condos and co-ops rose 4.7% m/m (7.9% y/y).
The inventory of unsold homes rose 3.5% m/m but was down modestly y/y. It was down one-quarter from the 2008 high and amounted to an 8.6 months' supply.
The median price of all existing homes fell 1.1% m/m to $156,100. Prices reached the lowest level in exactly ten years. The price of a single-family home slipped 0.9% last month to $157,000 (-4.2% y/y). Price weakness has raised home affordability to another record high, up more than two-thirds from the 2006 low.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.
| Existing Home Sales (Thous, SAAR) | Feb | Jan | Dec | Y/Y% | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 4,880 | 5,400 | 5,220 | -2.8 | 4,918 | 5,149 | 4,894 |
| Northeast | 770 | 830 | 870 | -8.3 | 825 | 863 | 848 |
| Midwest | 1,010 | 1,150 | 1,120 | -9.0 | 1,076 | 1,168 | 1,128 |
| South | 1,840 | 2,050 | 1,950 | 0.0 | 1,861 | 1,907 | 1,857 |
| West | 1,260 | 1,370 | 1,270 | 2.4 | 1,155 | 1,214 | 1,062 |
| Single-Family Sales | 4,250 | 4,700 | 4,580 | -2.7 | 4,311 | 4,559 | 4,337 |
| Median Price, Total, ($, NSA) | 156,100 | 157,900 | 168,800 | -5.2 | 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.
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