Global| Feb 25 2008U.S. Existing Home Sales Slipped & Prices Off More
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that January sales of existing single family homes slipped 0.4% to 4.890M after a 2.2% decline during December. The decline was slightly less than general expectations and new seasonal [...]
The National Association of Realtors reported that January sales of existing single family homes slipped 0.4% to 4.890M after a 2.2% decline during December. The decline was slightly less than general expectations and new seasonal factors revised past data just slightly.
Sales of existing single family homes ticked up 0.5% last month, the first m/m increase in nearly one year.
By region, home sales in the Northeast fell 3.6% (-25.7% y/y). In the Midwest January sales rose 3.4% (-20.0% y/y) and sales in the South also rose 0.6% (-20.9% y/y). Single family homes in the West fell 1.2% (-28.0% y/y) after no change during December.
The median price of an existing single family home fell 2.9% (-4.6% y/y) last month. Home prices were off 12.2% in January from their peak last June.
| Existing Single Family Home Sales (Thous) |
January | y/y % | December | January '07 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|
| Total | 4,890 | -23.4 | 4,910 | 6,380 | 5,672 | 6,508 | 7,076 |
| Northeast | 810 | -25.7 | 840 | 1,090 | 1,008 | 1,090 | 1,168 |
| Midwest | 1,200 | -20.0 | 1,160 | 1,500 | 1,331 | 1,491 | 1,589 |
| South | 1,950 | -22.0 | 1,960 | 2,500 | 2,240 | 2,576 | 2,704 |
| West | 930 | -28.5 | 930 | 1,300 | 1,093 | 1,353 | 1,617 |
| Single-Family | 4,340 | -22.4 | 4,320 | 5,590 | 4,958 | 5,703 | 6,181 |
| Median Price, Total, $ | 201,100 | -4.6 | 207,000 | 210,900 | 216,617 | 222,000 | 218,217 |
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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