Global| Apr 20 2011U.S. Existing Home Sales Improve Somewhat
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes rose during March to 5.100M (AR) from a February level of 4.920M, revised from 4.880M. The last was slightly higher than Consensus expectations for 5.00M sales [...]
The National Association of Realtors reported that sales of existing
homes rose during March to 5.100M (AR) from a February level of 4.920M,
revised from 4.880M. The last was slightly higher than Consensus
expectations for 5.00M sales according to Action Economics. Total sales
include sales of condos and co-ops. Sales of existing single-family homes
alone rose 4.0% (-6.5% y/y) from February to 4.450M. (These data have a
longer history than the total sales series.) Sales of condos and co-ops
rose 1.6% m/m (-4.1% y/y).
The inventory of unsold homes rose 1.5% m/m but was down 2.1 y/y. It was down nearly one-quarter from the 2008 high and amounted to an 8.4 months' supply.
The median price of all existing homes rose 2.2% m/m to $159,600, the first monthly increase since last June. Nevertheless, prices remained near the lowest level in ten years. The price of a single-family home rose 2.3% last month to $160,500 (-5.3% y/y). Price weakness left home affordability at a record high, up more than two-thirds from the 2006 low. As a percent of income, mortgage payments fell to 13.0%.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.
Can Rising Housing Prices Explain China's High Household Saving Rate? from the Federal Reserve Bank of St. Louis can be found here.
| Existing Home Sales (Thous, SAAR) | Mar | Feb | Jan | Y/Y% | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 5,100 | 4,920 | 5,400 | -6.3 | 4,918 | 5,149 | 4,894 |
| Northeast | 800 | 770 | 830 | -12.1 | 825 | 863 | 848 |
| Midwest | 1,060 | 1,050 | 1,150 | -13.1 | 1,076 | 1,168 | 1,128 |
| South | 1,990 | 1,840 | 2,050 | -1.0 | 1,861 | 1,907 | 1,857 |
| West | 1,250 | 1,260 | 1,370 | -3.1 | 1,155 | 1,214 | 1,062 |
| Single-Family Sales | 4,450 | 4,280 | 4,700 | -6.5 | 4,311 | 4,559 | 4,337 |
| Median Price, Total, ($, NSA) | 159,600 | 156,100 | 157,900 | -5.9 | 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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