Global| Aug 27 2007U.S. Existing Home Sales Slipped Less Than Expected Last Month
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes fell again in July to 5.750M units. Though the decline of 0.2% from a revised 5.76M in June was slight, it still amounted to the lowest level since 2002 and was down 9.0% from the year earlier level. Sales were [...]
Sales of existing homes fell again in July to 5.750M units. Though the decline of 0.2% from a revised 5.76M in June was slight, it still amounted to the lowest level since 2002 and was down 9.0% from the year earlier level. Sales were down 20.2% from the peak during September of 2005. Sales of 5.70M were expected by the Consensus of economists.
Sales of single family homes fell 0.4% last month to 5.0M after a revised 3.3% decline in June. Sales were 20.6% below the peak month of September 2005.
By region, single family home sales rose 1.4% (-2.7% y/y) in the Northeast but n the West sales rose 1.0% (-15.5% y/y) in July. Sales in the Midwest slipped 1.6% (-4.8% y/y) and down South sales slipped 1.0% (-10.4% y/y).
The inventory of single family "homes on the market" rose 2.7% (16.3%.
The median price of an existing single family home slipped 0.3% and versus last year fell 1.0%.
The broad aggregate data on existing home sales are included in Haver's USECON database; details about prices by region and inventories are available in the REALTOR database.
International Trade: A Larger Piece of the Economic Pie from the Federal Reserve Bank of Atlanta is Available here.
| Existing Home Sales (SAAR, 000s) | July | June | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total Sales | 5,750 | 5,760 | -9.0% | 6,510 | 7,065 | 6,727 |
| Single-Family Sales | 5,000 | 5,020 | -9.3% | 5,708 | 6,182 | 5,914 |
| Median Single-Family Home Price (NSA,000s) | $228.6 | $229.2 | -1.0% | $221.9 | $217.5 | $192.8 |
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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