Global| Feb 21 2020U.S. Existing Home Sales & Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that sales of existing homes during January fell 1.3% (+9.6 y/y) to 5.460 million (SAAR) from 5.530 million in December, revised from 5.540 million. The Action Economics Forecast [...]
The National Association of Realtors (NAR) reported that sales of existing homes during January fell 1.3% (+9.6 y/y) to 5.460 million (SAAR) from 5.530 million in December, revised from 5.540 million. The Action Economics Forecast Survey expected January sales of 5.45 million.
The median price of all existing homes sold declined 3.0% (+6.8% y/y) to $266,300, the lowest price since March of last year. The average sales price fell 3.0% last month (+6.9% y/y) to $268,600. These price data are not seasonally adjusted.
Existing home sales were mixed around the country in January. The decline in sales overall was concentrated in the West as they fell 9.4% (+8.2% y/y) to 1.060 million. That reversed a 6.4% December gain. In the Northeast, an unchanged 730,000 (7.4% y/y) followed two months of moderate increase. In the Midwest, sales gained 2.4% (8.4% y/y) to 1.290 million following a 1.6% decline. In the South, sales improved 0.4% (11.7% y/y) to 2.380 million after rising 5.8% in December.
Sales of existing single-family homes fell 1.2% (+9.7% y/y) to 4.850 million units after rising 3.2% in December. Sales of condos and co-ops weakened 1.6% (+8.9% y/y) to 610,000 units.
The number of homes on the market declined in January by 10.7% y/y to nearly a record low. The months' supply of homes on the market fell to 3.1 from 3.8 twelve months earlier. These inventory figures date back to 1999.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Jan | Dec | Nov | Jan Y/Y % | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|
| Total Sales | 5,460 | 5,530 | 5,320 | 9.6 | 5,330 | 5,341 | 5,531 |
| Northeast | 730 | 730 | 700 | 7.4 | 687 | 689 | 735 |
| Midwest | 1,290 | 1,260 | 1,280 | 8.4 | 1,248 | 1,265 | 1,301 |
| South | 2,380 | 2,370 | 2,240 | 11.7 | 2,281 | 2,246 | 2,270 |
| West | 1,060 | 1,170 | 1,100 | 8.2 | 1,115 | 1,141 | 1,225 |
| Single-Family Sales | 4,850 | 4,910 | 4,760 | 9.7 | 4,754 | 4,742 | 4,907 |
| Median Price Total ($, NSA) | 266,300 | 274,500 | 271,300 | 6.8 | 269,783 | 257,267 | 245,950 |
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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