Global| Sep 20 2018U.S. Existing Home Sales Hold Steady
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%). July's figure was unrevised. Sales remained at the lowest level since February 2016, down 6.6% [...]
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%). July's figure was unrevised. Sales remained at the lowest level since February 2016, down 6.6% versus the November peak. Expectations had been for 5.37 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold declined 1.7% last month (+4.6% y/y) to $264,800, down 3.3% from the June record of $273,800. The average sales price fell 1.4% for a second month (+3.0% y/y) to $303,200.
Sales of existing single-family homes held steady last month (-1.0% y/y) at 4.750 million units. Sales of co-ops & condos also were unchanged (-4.8% y/y) at 590,000.
The number of homes on the market increased 2.7% y/y. The supply of homes on the market was unchanged at 4.3 months, up from the record low of 3.2 months in December.
By region, home sales in the Northeast rose 7.6% (-2.7% y/y) to 710,000 units and reversed most of July's decline. Home sales in the Midwest increased 2.4% (-0.8% y/y) to 1.280 million units. Sales in the South slipped 0.4% (+1.8% y/y) for a second straight month to 2.230 million units. Sales in the West fell 5.9% (-7.4% y/y) to 1.120 million.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Aug | Jul | Jun | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 5,340 | 5,340 | 5,380 | -1.5 | 5,536 | 5,441 | 5,228 |
| Northeast | 710 | 660 | 720 | -2.7 | 737 | 735 | 684 |
| Midwest | 1,280 | 1,250 | 1,270 | -0.8 | 1,304 | 1,298 | 1,231 |
| South | 2,230 | 2,240 | 2,250 | 1.8 | 2,270 | 2,217 | 2,147 |
| West | 1,120 | 1,190 | 1,140 | -7.4 | 1,225 | 1,192 | 1,167 |
| Single-Family | 4,750 | 4,750 | 4,760 | -1.0 | 4,910 | 4,825 | 4,623 |
| Median Price Total ($, NSA) | 264,800 | 269,300 | 273,800 | 4.6 | 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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