Global| Nov 21 2017U.S. Existing Home Sales Improve While Prices Ease
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes increased 2.0% (-0.9% y/y) during October to 5.480 million units (SAAR) after a little-revised 0.4% slip to 5.370 million in September. It was the highest [...]
The National Association of Realtors reported that sales of existing homes increased 2.0% (-0.9% y/y) during October to 5.480 million units (SAAR) after a little-revised 0.4% slip to 5.370 million in September. It was the highest level of sales since June. Expectations were for 5.410 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold eased 0.2% (NSA, +5.5% y/y) to $247,000 from $247,600.
Sales of existing single-family homes rose 2.1% (-1.0% y/y) to 4.870 million units while sales of co-ops and condos improved 1.7% (0.0% y/y) to 610,000.
By region, total existing home sales in the Northeast jumped 4.2% (0.0% y/y) to 740,000 units, the highest level in four months. Sales in the West rose 2.4% (0.8% y/y) to 1.270 million units after a 3.3% increase. In the South, sales increased 1.9% (-1.8% y/y) to 2.160 million units following two months of decline, which included the effects of Hurricanes Harvey & Irma. Home sales in the Midwest improved 0.8% (-1.5% y/y) to 1.310 million units after two months of increase.
The number of homes on the market declined 3.2% (-10.4% y/y) to 1.800 million, down for the fifth consecutive month. There was a 3.9 months' supply of homes available for sale, the lowest level since March.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Oct | Sep | Aug | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,480 | 5,370 | 5,350 | -0.9 | 5,440 | 5,234 | 4,923 |
| Northeast | 740 | 710 | 720 | 0.0 | 735 | 685 | 641 |
| Midwest | 1,310 | 1,300 | 1,280 | -1.5 | 1,296 | 1,231 | 1,134 |
| South | 2,160 | 2,120 | 2,150 | -1.8 | 2,217 | 2,148 | 2,048 |
| West | 1,270 | 1,240 | 1,200 | 0.8 | 1,193 | 1,170 | 1,100 |
| Single-Family | 4,870 | 4,770 | 4,740 | -1.0 | 4,828 | 4,624 | 4,333 |
| Median Price Total ($, NSA) | 247,000 | 247,600 | 253,100 | 5.5 | 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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