Global| Aug 19 2011U.S. Existing Home Sales Remain Depressed
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes during July fell 3.5% to 4.670M (21.0% y/y) from a revised 4.840 in June. The y/y comparison is positive because of last year's decline after the ending of the [...]
The National Association of Realtors reported that sales of existing
homes during July fell 3.5% to 4.670M (21.0% y/y) from a revised 4.840 in
June. The y/y comparison is positive because of last year's decline after
the ending of the first-time home buyers tax credit. The latest was weaker
than Consensus expectations for 4.900M, according to Action Economics.
Total sales include sales of condos and co-ops. Sales of existing
single-family homes alone fell 4.0% m/m to 4.120M (21.5% y/y). (These data
have a longer history than the total sales series.) Sales of condos and
co-ops were unchanged m/m at .550M (17.3% y/y).
The months' supply of homes on the market rose to 9.4 with the weakness in sales. Nevertheless, the number of homes on the market fell 8.9% y/y and it has been stable since early-2009.
The median price of all existing homes slipped 0.9% m/m to $174,000 from a downwardly revised $175,00. The price of a single-family home fell 0.7% last month to $174,800 (-4.5% y/y).
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.
| Existing Home Sales (Thous, SAAR) | Jul | Jun | May | Y/Y% | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 4,670 | 4,840 | 4,810 | 21.0 | 4,918 | 5,149 | 4,894 |
| Northeast | 750 | 730 | 770 | 19.0 | 825 | 863 | 848 |
| Midwest | 1,050 | 1,040 | 1,030 | 31.3 | 1,076 | 1,168 | 1,128 |
| South | 1,840 | 1,870 | 1,850 | 19.5 | 1,861 | 1,907 | 1,857 |
| West | 1,040 | 1,190 | 1,160 | 16.9 | 1,155 | 1,214 | 1,062 |
| Single-Family Sales | 4,120 | 4,290 | 4,240 | 21.5 | 4,311 | 4,559 | 4,337 |
| Median Price, Total, ($, NSA) | 174,000 | 175,600 | 169,300 | -4.4 | 172,442 | 172,742 | 197,233 |
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.
