Global| Jul 23 2018U.S. Existing Home Sales Slip As Prices Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes eased 0.6% (-2.2% y/y) to 5.380 million (AR) during June following a decline to 5.410 million in May, revised from 5.430 million. It was the third straight [...]
The National Association of Realtors reported that sales of existing homes eased 0.6% (-2.2% y/y) to 5.380 million (AR) during June following a decline to 5.410 million in May, revised from 5.430 million. It was the third straight month of decline to the lowest level of sales since January. Expectations had been for 5.44 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold strengthened 4.5% (5.2% y/y) to a record $276,900 from $265,100. The average sales price rose 3.7% to $314,900 (3.8% y/y).
Sales of existing single-family homes slipped 0.6% last month (-2.3% y/y) to 4.76 million units from 4.790 million. Sales of co-ops and condos held steady (-1.6% y/y) at 620,000.
The number of homes on the market improved 0.5% y/y. The supply of homes rose slightly to 4.3 months, up from the record low of 3.2 months reached in December.
By region, home sales in the Northeast increased 5.9% (-4.0% y/y) to 720,000 units. Home sales in the Midwest inched 0.8% higher (-3.1% y/y) to 1.270 million units. Sales in the South declined 2.2% (+0.4% y/y) to 2.250 million units. In the West, sales were off 2.6% (-5.0% y/y) to 1.140 million units.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Jun | May | Apr | Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 5,380 | 5,410 | 5,450 | -2.2 | 5,536 | 5,441 | 5,228 |
| Northeast | 720 | 680 | 650 | -4.0 | 737 | 735 | 684 |
| Midwest | 1,270 | 1,260 | 1,290 | -3.1 | 1,304 | 1,298 | 1,231 |
| South | 2,250 | 2,300 | 2,330 | 0.4 | 2,270 | 2,217 | 2,147 |
| West | 1,140 | 1,170 | 1,180 | -5.0 | 1,225 | 1,192 | 1,167 |
| Single-Family | 4,760 | 4,790 | 4,840 | -2.3 | 4,910 | 4,825 | 4,623 |
| Median Price Total ($, NSA) | 276,900 | 265,100 | 257,900 | 5.2 | 245,950 | 232,067 | 219,867 |
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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