Global| Jun 23 2005U.S. Existing Home Sales Slipped
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales in May of existing homes declined a modest 0.7% to 7,130M versus the unrevised record during the prior month. Consensus expectations had been for roughly the same decline to [...]
The National Association of Realtors reported that sales in May of existing homes declined a modest 0.7% to 7,130M versus the unrevised record during the prior month. Consensus expectations had been for roughly the same decline to 7.15M.
The data reflect closings of home sales in earlier months.Sales of single-family homes fell 1.1% to 6.210M and were down m/m throughout the country except in the West where they rose 1.4% (-1.3% y/y). Sales in the South slipped 0.8% (+5.6% y/y) and in the Midwest closings dropped 4.7% (0.0% y/y). In the Northeast sales fell 1.2% (+3.7% y/y).
The median price of an existing single family home rose slightly m/m to a record $204,600 (12.2% y/y).
The latest release from the National Association of Realtors is available here.
Fed Chairman Greenspan's Testimony on China is available here.
| Existing Home Sales (000, AR) | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Total Home Sales | 7,130 | 7,180 | 3.5% | 6,723 | 6,170 | 5,653 |
| Single Family Home Sales | 6,210 | 6,280 | 2.5% | 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.
More Economy in Brief
