Global| Aug 21 2019U.S. Existing Home Sales Rise While Prices Slip
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes increased 2.5% during July to 5.420 million (0.6% y/y) from 5.290 million in June, revised from 5.270 million. Sales were 9.9% higher than the recent low [...]
The National Association of Realtors reported that sales of existing homes increased 2.5% during July to 5.420 million (0.6% y/y) from 5.290 million in June, revised from 5.270 million. Sales were 9.9% higher than the recent low during January. Sales of 5.39 million had been expected in the Action Economics Forecast Survey.
The median price of all existing homes sold weakened 1.6% last month (+4.3% y/y) to a $280,800 (NSA) from the record of $285,300 in June. The average sales price fell 1.3% (+3.1% y/y) to $317,100 from June's record of $321,400.
Existing home sales rose in most sections of the country during July. Sales in the West jumped 8.3% (-0.8% y/y) to 1.180 million and reversed the 3.5% decline during June. Sales in the South gained 1.8% (2.7% y/y) to 2.310 million after a 2.6% decline. Existing home sales in the Midwest improved 1.6% (0.8% y/y) to 1.270 million and repeated the June rise. Working the other way, sales in the Northeast declined 2.9% (-4.3% y/y) to 660,000 and reversed June's gain.
Sales of existing single-family homes increased 2.8% (1.0% y/y) to 4.840 million units, the highest level since February. Sales of condos and co-ops were unchanged at 580,000 units (-3.3% y/y).
The number of homes on the market declined 1.6% y/y. The months' supply of homes on the market fell m/m to 4.2, but remained up from a low of 3.1 months in December 2017.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Jul | Jun | May | Jul Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,420 | 5,290 | 5,360 | 0.6 | 5,341 | 5,531 | 5,437 |
| Northeast | 660 | 680 | 670 | -4.3 | 689 | 735 | 733 |
| Midwest | 1,270 | 1,250 | 1,230 | 0.8 | 1,265 | 1,301 | 1,297 |
| South | 2,310 | 2,270 | 2,330 | 2.7 | 2,246 | 2,270 | 2,215 |
| West | 1,180 | 1,090 | 1,130 | -0.8 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,840 | 4,710 | 4,760 | 1.0 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 280,800 | 285,300 | 278,200 | 4.3 | 257,267 | 245,950 | 232,067 |
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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