Global| Feb 22 2017U.S. Existing Home Sales Increase in January; Prices Slip
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing single-family homes increased 3.3% (3.8% y/y) to 5.690 million units (AR) during January following December sales of 5.510 million, revised from 5.490 million. Expectations had been for 5.540 million purchases in the [...]
Sales of existing single-family homes increased 3.3% (3.8% y/y) to 5.690 million units (AR) during January following December sales of 5.510 million, revised from 5.490 million. Expectations had been for 5.540 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes increased 2.6% last month (3.7% y/y) to 5.040 million units following little change during the prior two months. Sales of condos & co-ops rose 8.3% (4.8% y/y) to 650,000 following a 10.4% decline. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes declined 1.9% (+7.1% y/y) versus January to $228,900. The average price of an existing home fell 1.4% to $271,000 (+5.2% y/y).
Sales performance was mixed around the country last month. Home sales in the Northeast increased 5.3% (6.7% y/y) to 800,000. Sales in the Midwest were off 1.5% (-0.8% y/y) to 1.290 million. Sales in the West increased 6.6% (8.4% y/y), also to 1.290 million. In the South, sales gained 3.6% (3.1% y/y) to 2.310 million.
The total inventory of homes on the market declined 7.1% y/y to 1.690 million. The months' sales supply of homes fell to 3.3, the lowest point since June 2004.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
The minutes to the latest FOMC meeting can be found here.
| Existing Home Sales (SAAR, 000s) | Jan | Dec | Nov | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,690 | 5,510 | 5,600 | 3.8 | 5,452 | 5,254 | 4,935 |
| Northeast | 800 | 760 | 800 | 6.7 | 733 | 691 | 645 |
| Midwest | 1,290 | 1,310 | 1,330 | -0.8 | 1,304 | 1,240 | 1,136 |
| South | 2,310 | 2,230 | 2,250 | 3.1 | 2,218 | 2,151 | 2,051 |
| West | 1,290 | 1,210 | 1,220 | 8.4 | 1,197 | 1,172 | 1,103 |
| Single-Family | 5,040 | 4,910 | 4,930 | 3.7 | 4,838 | 4,646 | 4,344 |
| Median Price Total ($, NSA) | 228,900 | 233,300 | 234,400 | 7.1 | 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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