Global| Mar 22 2019U.S. Existing Home Sales Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
The housing market recovered last month following a year's decline. The National Association of Realtors reported that sales of existing homes jumped 11.8% (-1.8% y/y) during February to 5.510 million units (SAAR) from 4.930 million [...]
The housing market recovered last month following a year's decline. The National Association of Realtors reported that sales of existing homes jumped 11.8% (-1.8% y/y) during February to 5.510 million units (SAAR) from 4.930 million in January, revised from 4.940 million. It was the highest level of sales since March 2017. The Action Economics Forecast Survey expected sales of 5.90 million units.
The median price of all existing homes sold was little changed m/m (3.6% y/y) at $249,500. Prices hit a record $273,800 in June. The average sales price also was steady m/m (2.7% y/y) at $288,200. Sales price data are not seasonally adjusted.
Existing home sales exhibited mixed behavior m/m throughout the country. In the West, sales jumped 16.0% (-7.9% y/y) to 1.160 million. Sales in the South improved 14.9% (-0.4% y/y) to 2.390 million, while sales in the Midwest strengthened 9.5% to 1.270 million (unchanged y/y). In the Northeast, sales held steady m/m (1.5% y/y) at 690,000.
Sales of existing single-family homes recovered 13.3% (-1.4% y/y) to 4.940 million units, the strongest reading in twelve months. Sales of condos and co-ops held steady m/m (-5.0% y/y) at 570,000 units.
The number of homes on the market increased 3.2% y/y. The months' supply of homes on the market eased to 3.5, the lowest level in a year and down from a high of 4.4 months in September.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Feb | Jan | Nov | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,510 | 4,930 | 5,000 | -1.8 | 5,341 | 5,531 | 5,437 |
| Northeast | 690 | 690 | 680 | 1.5 | 689 | 735 | 733 |
| Midwest | 1,270 | 1,160 | 1,190 | 0.0 | 1,265 | 1,301 | 1,297 |
| South | 2,390 | 2,080 | 2,100 | -0.4 | 2,246 | 2,270 | 2,215 |
| West | 1,160 | 1,000 | 1,030 | -7.9 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,940 | 4,360 | 4,450 | -1.4 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 249,500 | 249,300 | 254,700 | 3.6 | 257,267 | 245,950 | 232,067 |
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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