Global| Jul 22 2015U.S. Existing Home Sales Improve to 2007 High; Prices Set a Record
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes increased 3.2% last month to an annualized 5.490 million (9.6% y/y) from 5.320 in May, revised from 5.350 million. Sales were at the highest level since February 2007 and stronger than consensus expectations [...]
Sales of existing homes increased 3.2% last month to an annualized 5.490 million (9.6% y/y) from 5.320 in May, revised from 5.350 million. Sales were at the highest level since February 2007 and stronger than consensus expectations for 5.40 million in the Action Economics Forecast Survey. Single-family home sales increased 2.8% last month to 4.840 million (9.8% y/y), adding to a 5.1% rise during May. Condo and co-op sales gained 6.6% (8.3% y/y), also the highest level since early in 2007.
The median sales price of an existing home increased 3.1% (6.5% y/y) to a record $236,400 from $228,900 in May. The average sales price improved 2.7% (4.7% y/y) to $281,200.
By region, sales in the Midwest led last month's improvement and gained 4.7% (12.7% y/y) to 1.330 million. Sales in the Northeast followed with a 4.3% increase (12.5% y/y) to 720,000. Sales in the South improved 2.3% (7.3% y/y) to 2.200 million and sales in the West moved 2.5% higher (8.8% y/y) to 1.240 million.
The inventory of unsold homes increased 0.4% y/y to 2.300 million. The months' supply of homes on the market held fairly steady at 5.0 months. It's been near that level since early 2013.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Jun | May | Apr | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 5,490 | 5,320 | 5,090 | 9.6 | 4,935 | 5,087 | 4,656 |
| Northeast | 720 | 690 | 620 | 12.5 | 645 | 658 | 596 |
| Midwest | 1,330 | 1,270 | 1,220 | 12.7 | 1,136 | 1,201 | 1,068 |
| South | 2,200 | 2,150 | 2,090 | 7.3 | 2,051 | 2,040 | 1,834 |
| West | 1,240 | 1,210 | 1,160 | 8.8 | 1,103 | 1,188 | 1,158 |
| Single-Family Sales | 4,840 | 4,710 | 4,480 | 9.8 | 4,334 | 4,473 | 4,125 |
| Median Price Total ($, NSA) | 236,400 | 228,900 | 218,700 | 6.5 | 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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