Global| Apr 22 2019U.S. Existing Home Sales Weaken as Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes fell 4.9% (-5.4% y/y) during March to 5.210 million units (SAAR). The decline reversed half of February's strengthening to 5.480 million units, revised from [...]
The National Association of Realtors reported that sales of existing homes fell 4.9% (-5.4% y/y) during March to 5.210 million units (SAAR). The decline reversed half of February's strengthening to 5.480 million units, revised from 5.510 million. The Action Economics Forecast Survey expected sales of 5.30 million units.
The median price of all existing homes sold improved 3.7% m/m (3.8% y/y) to $259,400. The average sales price strengthened 3.0% m/m to $297,200 (2.5% y/y). Sales price data are not seasonally adjusted.
Existing home sales declined m/m throughout the country. Sales in the Midwest fell 7.9% to 1.170 million units (-8.6% y/y). In the West, sales were off 6.0% to 1.090 million units (-10.7% y/y. Sales in the South declined 3.4% to 2.280 million units (-2.1% y/y), while in the Northeast sales eased 2.9% to 670,000 units (-1.5% y/y).
Sales of existing single-family homes declined 4.9% (-4.7% y/y) to 4.670 million units. Sales of condos and co-ops fell 5.3% (-11.5% y/y) to 540,000 units.
The number of homes on the market increased 2.4% y/y. The months' supply of homes on the market rose to 3.9, but still was down from a high of 4.4 months in September.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. Regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Online Retailing, Self-Employment Disrupt Inflation from the Federal Reserve Bank of Dallas is available here.
| Existing Home Sales (SAAR, 000s) | Mar | Feb | Jan | Mar Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,210 | 5,480 | 4,930 | -5.4 | 5,341 | 5,531 | 5,437 |
| Northeast | 670 | 690 | 690 | -1.5 | 689 | 735 | 733 |
| Midwest | 1,170 | 1,270 | 1,160 | -8.6 | 1,265 | 1,301 | 1,297 |
| South | 2,280 | 2,360 | 2,080 | -2.1 | 2,246 | 2,270 | 2,215 |
| West | 1,090 | 1,160 | 1,000 | -10.7 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,670 | 4,910 | 4,360 | -4.7 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 259,400 | 250,100 | 249,300 | 3.8 | 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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