Global| May 24 2005U.S. Existing Home Sales Rose To Another Record
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes jumped to another record high last month, up 4.5% at 7.180M versus Consensus expectations for sales of 6.90M. Sales during March were revised slightly lower. [...]
The National Association of Realtors reported that sales of existing homes jumped to another record high last month, up 4.5% at 7.180M versus Consensus expectations for sales of 6.90M. Sales during March were revised slightly lower.
Improved methodology, better modeling and the addition of condo & co-op sales affected the figures back to 1999. The data reflect closings of home sales in earlier months.Sales of single-family homes also increased to a new record high. The 4.5% m/m gain to 6.280M pulled sales so far this year to 6.055M, up 2.4% versus 2004.
Existing home sales rose m/m across the country's regions except out West where sales were unchanged m/m (2.5% y/y). Sales in the South jumped 7.0% (8.3% y/y) higher and in the Midwest sales rose 5.8% (3.8% y/y). In the Northeast sales improved 4.3% (7.1% y/y).
The median price of an existing single family home surged further to $203,800 (15.1% y/y).
The latest release from the National Association of Realtors is available here.
Can Monetary Policy Influence Long Term Interest Rates? from the Federal Reserve Bank of San Francisco is available here.
| Existing Home Sales (000, AR) | April | March | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total Home Sales | 7,180 | 6,870 | 5.7% | 6,723 | 6,170 | 5,653 |
| Single Family Home Sales | 6,280 | 6,010 | 5.0% | 5,913 | 5,441 | 4,995 |
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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