Global| Oct 22 2015U.S. Existing Home Sales Rebound as Prices Fall Again
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes increased 4.7% (8.0% y/y) during September to 5.550 million and recouped the August decline to 5.300 million, revised from 5.310 million. The latest figure beat expectations for 5.35 million sales in the Action [...]
Sales of existing homes increased 4.7% (8.0% y/y) during September to 5.550 million and recouped the August decline to 5.300 million, revised from 5.310 million. The latest figure beat expectations for 5.35 million sales in the Action Economics Forecast Survey. Single-family home sales recovered 5.3% last month to 4.930 million (8.6% y/y). Condo and co-op sales remained unchanged (3.8% y/y) following two months of decline.
The median sales price of an existing home fell 2.9% to $221,900 (+6.1% y/y) and was down from June's record $236,300. The average sales price fell 2.3% to $265,000 (3.9% y/y).
By region, sales in the Northeast were strongest m/m and rose 8.6% to 0.760 million (10.2% y/y) after remaining unchanged in August. Sales in the West improved 6.7% (8.5% y/y) to 1.270 million following a 7.8% fall. In the South, sales rose 3.8% (5.5% y/y) to 2.210 million after a 7.0% August decline. In the Midwest, sales rose 2.3% (10.9% y/y) to 1.310 million and recovered the August drop.
The composite index of home affordability rose 2.1% to 157.7 (-1.6% y/y) in August but remained near its low for the economic recovery. Payments as a percent of income eased to 15.9%, up from 11.7% in January 2013.
The inventory of unsold homes declined 3.1% y/y to 2.210 million. The months' supply of homes on the market declined to 4.8 months, down from the 11.9 month high in July 2010.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Sep | Aug | Jul | Y/Y % | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Total | 5,550 | 5,300 | 5,580 | 8.0 | 4,935 | 5,087 | 4,656 |
| Northeast | 760 | 700 | 700 | 10.2 | 645 | 658 | 596 |
| Midwest | 1,310 | 1,280 | 1,300 | 10.9 | 1,136 | 1,201 | 1,068 |
| South | 2,210 | 2,130 | 2,290 | 5.5 | 2,051 | 2,040 | 1,834 |
| West | 1,270 | 1,190 | 1,290 | 8.5 | 1,103 | 1,188 | 1,158 |
| Single-Family Sales | 4,930 | 4,680 | 4,950 | 8.6 | 4,334 | 4,473 | 4,125 |
| Median Price Total ($, NSA) | 221,900 | 228,500 | 231,800 | 6.1 | 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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