Global| Dec 19 2018U.S. Existing Home Sales Increase
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes in November rose 1.9% to 5.320 million units (SAAR). The 7.0% y/y decline was, however, the largest since May 2011. The latest increase followed an unrevised [...]
The National Association of Realtors reported that sales of existing homes in November rose 1.9% to 5.320 million units (SAAR). The 7.0% y/y decline was, however, the largest since May 2011. The latest increase followed an unrevised 1.4% gain during October. The Action Economics Forecast Survey expected sales of 5.20 million units.
The median price of all existing homes sold improved 1.0% (4.2% y/y) last month to $257,700 following four straight months of decline. Prices hit a record $273,800 in June but are 4.2% higher during the last twelve months. The average sales price improved 1.1% (5.0% y/y) to $260,500.
The rise in November home sales spread through most of the country. Sales in the Northeast strengthened 7.2% (-2.6% y/y) to 740,000 units, the highest level since December. Sales in the Midwest gained 5.5% (-4.3% y/y) to 1.34 million units, the highest level in twelve months. In the South, sales improved 2.3% (-5.6% y/y) to 2.22 million units. Wildfires may be responsible for the 6.3% decline in sales in the West (-15.4% y/y) to 1.04 million units. Sales were 18.1% below the recent peak during February of this year.
Sales of existing single-family homes also rose 1.9% (-6.7% y/y) to 4.71 million units. Sales sof condos and co-ops improved 1.7% (-9.0% y/y) to 610,000 units, the highest level in five months.
The number of homes on the market fell for the fifth consecutive month, but remained up 4.2% y/y. The months' supply of homes on the market declined to 3.9, the least since March.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Nov | Oct | Sep | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 5,320 | 5,220 | 5,150 | -7.0 | 5,536 | 5,441 | 5,228 |
| Northeast | 740 | 690 | 680 | -2.6 | 737 | 735 | 684 |
| Midwest | 1,340 | 1,270 | 1,280 | -4.3 | 1,304 | 1,298 | 1,231 |
| South | 2,200 | 2,150 | 2,110 | -5.6 | 2,270 | 2,217 | 2,147 |
| West | 1,040 | 1,110 | 1,080 | -15.4 | 1,225 | 1,192 | 1,167 |
| Single-Family | 4,710 | 4,620 | 4,580 | -6.7 | 4,910 | 4,825 | 4,623 |
| Median Price Total ($, NSA) | 257,700 | 255,100 | 256,900 | 4.2 | 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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