Global| Nov 28 2006U.S. Existing Home Sales & Prices Inch Up
by:Tom Moeller
|in:Economy in Brief
Summary
Total October existing home sales inched up 0.5% to 6.24M from a slightly higher revised September level, according to the National Association of Realtors. The m/m increase was the first since February and was firmer than Consensus [...]
Most of last month's rise in single family home sales was due to a 7.1% (-18.8% y/y) recovery in sales in the West. Sales also ticked up 0.8% (-10.7% y/y) in the Midwest. In the Northeast sales slid another 1.3% (-7.5% y/y) and down South sales slipped 0.9% 9-7.6% y/y).
The inventory of unsold existing single family homes increased 1.9% (32.7% y/y) after two months of decline and rose to 7.2 months' supply on the market.
The latest release from the National Association of Realtors is available here.
The Economic Outlook and Monetary Policy from Charles I. Plosser President of the Federal Reserve Bank of Philadelphia can be found here.
| Existing Home Sales (000, AR) | October | September | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Total Home Sales | 6,240 | 6,210 | -11.5% | 7,064 | 6,722 | 6,176 |
| Single Family Home Sales | 5,500 | 5,430 | -11.0% | 6,170 | 5,912 | 5,443 |
| Single Family Median Home Price (000) | $221.3 | $221.1 | -3.4% | $217.5 | $192.8 | $178.3 |
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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