Global| Feb 23 2016U.S. Existing Home Sales Increase Slightly; Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that existing home sales nudged 0.4% higher (7.5% y/y) during January to 5.470 million (SAAR). The rise followed a revised 12.1% December jump. Sales were stronger than the 5.36 million [...]
The National Association of Realtors reported that existing home sales nudged 0.4% higher (7.5% y/y) during January to 5.470 million (SAAR). The rise followed a revised 12.1% December jump. Sales were stronger than the 5.36 million called for in the Action Economic Forecast Survey. Sales were revised slightly back to 2013.
Median sales prices of existing homes declined 4.2% last month to $213,800, but remained up 8.2% from one year earlier. The average sales price fell 4.4% to $215,000 (+8.3% y/y).
The number of homes on the market declined 2.2% y/y. The month's supply of homes held at 4.0, near the lowest level since 2005, down from the 11.9 month high in July 2010.
In December, the composite index of housing affordability eased to 161.7, down 5.4% y/y. It remained well below the January 2013 high of 214.5, suggesting that the median income family was less able to afford a median priced existing home.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Whither Mortgages? from the Federal Reserve Bank of New York is available here.
| Existing Home Sales (SAAR, 000s) | Jan | Dec | Nov | NSA, Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 5,470 | 5,450 | 4,860 | 7.5 | 5,254 | 4,935 | 5,087 |
| Northeast | 760 | 740 | 700 | 18.2 | 691 | 645 | 658 |
| Midwest | 1,300 | 1,250 | 1,120 | 13.8 | 1,224 | 1,131 | 1,194 |
| South | 2,240 | 2,240 | 1,990 | 4.1 | 2,151 | 2,051 | 2,040 |
| West | 1,170 | 1,220 | 1,050 | 2.9 | 1,172 | 1,103 | 1,188 |
| Single-Family Sales | 4,860 | 4,810 | 4,260 | 7.5 | 4,626 | 4,344 | 4,484 |
| Median Price Total ($, NSA) | 213,800 | 223,200 | 220,000 | 8.2 | 219,867 | 206,708 | 195,667 |
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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