Global| Jun 22 2015U.S. Existing Home Sales Reach 2009 High; Prices Firm
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes increased 5.1% (+5.1% y/y) last month to 5.350 million from 5.090 million during April, revised from 5.040 million. Sales were the highest since November 2009 and stronger than consensus expectations for 5.25 [...]
Sales of existing homes increased 5.1% (+5.1% y/y) last month to 5.350 million from 5.090 million during April, revised from 5.040 million. Sales were the highest since November 2009 and stronger than consensus expectations for 5.25 million in the Action Economics Forecast Survey. Single-family home sales increased 5.6% last month (5.7% y/y) to 4.730 million following a 2.6% decline. Condo and co-op sales gained 1.6% (0.0% y/y) following no change.
The median sales price of an existing home increased 4.6% (7.9% y/y) to $228,700 from $218,700. The latest level was the highest since July 2006. The average sales price improved 3.4% (5.2% y/y) to $272,800. The composite index of home affordability fell 3.9% during April (-2.2% y/y) to its lowest level since last August.
By region, sales in the Northeast led last month's increase with an 11.3% improvement (6.9% y/y) to 690,000 while sales in the South rose 4.3% (3.1% y/y) to 2.180 million. Sales in the West also gained 4.3% (3.7% y/y) to 1.210 million and sales in the Midwest moved 4.1% higher (8.7% y/y) to 1.270 million.
The inventory of unsold homes increased 1.8% y/y. The months' supply of homes on the market held fairly steady at 5.0 months.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | May | Apr | Mar | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 5,350 | 5,090 | 5,210 | 5.1 | 4,920 | 5,074 | 4,657 |
| Northeast | 690 | 620 | 640 | 6.9 | 640 | 658 | 597 |
| Midwest | 1,270 | 1,220 | 1,200 | 8.7 | 1,131 | 1,194 | 1,063 |
| South | 2,180 | 2,090 | 2,190 | 3.1 | 2,048 | 2,032 | 1,834 |
| West | 1,210 | 1,160 | 1,180 | 3.7 | 1,102 | 1,190 | 1,163 |
| Single-Family Sales | 4,730 | 4,480 | 4,600 | 5.7 | 4,334 | 4,473 | 4,125 |
| Median Price Total ($, NSA) | 228,700 | 218,700 | 210,700 | 7.9 | 206,708 | 195,667 | 175,433 |
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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