Global| Dec 20 2017U.S. Existing Home Sales & Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes increased 5.6% (3.8% y/y) to 5.810 million (AR) during November. It was the highest level of sales since December 2006. The rise followed a little-revised 2.4% [...]
The National Association of Realtors reported that sales of existing homes increased 5.6% (3.8% y/y) to 5.810 million (AR) during November. It was the highest level of sales since December 2006. The rise followed a little-revised 2.4% October gain to 5.500 million. Expectations were for 5.500 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold rose 0.8% (NSA, 5.8% y/y) to $248,000 from $246,000.
Sales of existing single-family homes rose 4.5% (3.2% y/y) to 5.090 million units while sales of co-ops and condos strengthened 14.3% (7.5% y/y) to 720,000, also the highest level since 2007.
By region, total existing home sales in the Midwest improved 8.4% (6.8% y/y) to 1.420 million units, the highest level since December 2006. In the South, sales strengthened 8.3% (4.0% y/y) to 2.340 million units, a six-month high. Home sales in the Northeast increased 6.7% (0.0% y/y) to 800,000 units, the highest level since January. Sales in the West declined 2.3% (+2.5% y/y) to 1.250 million units after two monthly increases of roughly 3.2%.
The number of homes on the market declined 7.2% (-9.7% y/y) to 1.670 million, the lowest level since January. There was a record low of 3.4 months' supply of homes available for sale.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Nov | Oct | Sep | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,810 | 5,500 | 5,370 | 3.8 | 5,440 | 5,234 | 4,923 |
| Northeast | 800 | 750 | 710 | 0.0 | 735 | 685 | 641 |
| Midwest | 1,420 | 1,310 | 1,300 | 6.8 | 1,296 | 1,231 | 1,134 |
| South | 2,340 | 2,160 | 2,120 | 4.0 | 2,217 | 2,148 | 2,048 |
| West | 1,250 | 1,280 | 1,240 | 2.5 | 1,193 | 1,170 | 1,100 |
| Single-Family | 5,090 | 4,870 | 4,770 | 3.2 | 4,828 | 4,624 | 4,333 |
| Median Price Total ($, NSA) | 248,000 | 246,000 | 247,600 | 5.8 | 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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