Global| Oct 20 2017U.S. Existing Home Sales Improve While Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes rose 0.7% (-1.5% y/y) during September to 5.390 million units (SAAR) after an unrevised 1.7% decline to 5.350 million in August. Despite the rise, sales [...]
The National Association of Realtors reported that sales of existing homes rose 0.7% (-1.5% y/y) during September to 5.390 million units (SAAR) after an unrevised 1.7% decline to 5.350 million in August. Despite the rise, sales remained near the lowest level in a year. Expectations were for 5.300 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold fell 3.2% (NSA, +4.2% y/y) to $245,100 from $253,100.
Sales of existing single-family homes improved 1.1% (-1.2% y/y) to 4.790 million units while sales of co-ops and condos eased 1.6% (-3.2% y/y) to 600,000.
By region, total existing home sales in the South remained depressed at 2.130 million units (-2.3% y/y) following the prior month's 5.7% reduction due to Hurricane Harvey. Working higher were home sales in the West by 3.3% (0.0% y/y) to 1.240 million units after a 4.8% decline. Home sales in the Midwest gained 1.6% (-1.5% y/y) to 1.300 million units after a 2.4% rise. In the Northeast, existing home sales held steady at 720,000 (-1.4% y/y) after a 10.8% increase.
The number of homes on the market rose 1.6% (-6.4% y/y) to 1.900 million. There was a 4.2 months' supply of homes available for sale which has been steady for five months, but up from a January low of 3.5 months.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Sep | Aug | Jul | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,390 | 5,350 | 5,440 | -1.5 | 5,440 | 5,234 | 4,923 |
| Northeast | 720 | 720 | 650 | -1.4 | 735 | 685 | 641 |
| Midwest | 1,300 | 1,280 | 1,250 | -1.5 | 1,296 | 1,231 | 1,134 |
| South | 2,130 | 2,150 | 2,280 | -2.3 | 2,217 | 2,148 | 2,048 |
| West | 1,240 | 1,200 | 1,260 | 0.0 | 1,193 | 1,170 | 1,100 |
| Single-Family | 4,790 | 4,740 | 4,840 | -1.2 | 4,828 | 4,624 | 4,333 |
| Median Price Total ($, NSA) | 245,100 | 253,100 | 258,100 | 4.2 | 232,067 | 219,867 | 206,708 |
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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