Global| May 21 2015U.S. Existing Home Sales Fall Back
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes declined 3.3% (+5.5% y/y) to 5.040 million (AR) in April after a 6.5% rise during March to 5.210, million, revised from 5.190 million. Sales disappointed consensus expectations for 5.22 million in the Action [...]
Sales of existing homes declined 3.3% (+5.5% y/y) to 5.040 million (AR) in April after a 6.5% rise during March to 5.210, million, revised from 5.190 million. Sales disappointed consensus expectations for 5.22 million in the Action Economics Forecast Survey. Single-family home sales fell 3.7% last month (+6.3% y/y) to 4.430 million following a 5.7% rise. Condo and co-op sales were unchanged both m/m and y/y at 0.600 million, the highest level since October.
The median sales price of an existing home increased 4.1% (8.9% y/y) to $219,400 from $210,700. Prices remained 1.2% lower than the June peak. The average sales price improved 3.2% (5.5% y/y) to $264,500. The index of home affordability fell 5.1% during March (-1.2% y/y) to its lowest level this year.
By region, sales in the Northeast fell 3.1% (0.0% y/y) to 620,000 while sales in the South declined 6.8% (+2.9% y/y) to 2.040 million. Sales in the West were off 1.7% (+5.9% y/y) to 1.16 million but sales in the Midwest moved 1.7% higher (13.0% y/y) to 1.220 million.
The inventory of unsold homes declined 0.9% y/y. The months' supply of homes on the market rose sharply to 5.3 months, the highest level since September.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
The minutes to the latest FOMC meeting can be found here.
| Existing Home Sales (SAAR, 000s) | Apr | Mar | Feb | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 5,040 | 5,210 | 4,890 | 5.5 | 4,920 | 5,074 | 4,657 |
| Northeast | 620 | 640 | 580 | 0.0 | 640 | 658 | 597 |
| Midwest | 1,220 | 1,200 | 1,090 | 13.0 | 1,131 | 1,194 | 1,063 |
| South | 2,040 | 2,190 | 2,110 | 2.9 | 2,048 | 2,032 | 1,834 |
| West | 1,160 | 1,180 | 1,110 | 5.9 | 1,102 | 1,190 | 1,163 |
| Single-Family Sales | 4,430 | 4,600 | 4,350 | 6.3 | 4,334 | 4,473 | 4,125 |
| Median Price Total ($, NSA) | 219,400 | 210,700 | 201,900 | 8.9 | 206,708 | 195,667 | 175,433 |
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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