Global| Mar 27 2013U.S. Pending Home Sales Are Roughly Stable at 3-Year High
by:Tom Moeller
|in:Economy in Brief
Summary
Pending sales of single-family homes slipped 0.4% (+8.5% y/y) last month after a 3.8% January rise, revised from 4.5%, according to the National Association of Realtors (NAR). The sales rebound in the aftermath of the removal in 2010 [...]
Pending sales of single-family homes slipped 0.4% (+8.5% y/y) last
month after a 3.8% January rise, revised from 4.5%, according to the
National Association of Realtors (NAR). The sales rebound in the aftermath
of the removal in 2010 of the home buyers tax credit has raised home sales
by more than one-third from the low.
The slip in sales last month reflected approximate stability across the country. Sales in the Northeast nudged down 2.5% (+6.8% y/y) following an 8.3% January increase. Sales in the Midwest ticked up 0.4% (13.1% y/y) following a 2.7% January gain while and sales in the South slipped 0.3% (+12.1% y/y) following a 5.8% January jump. Sales in the West posted a 0.1% uptick (-0.8% y/y) after a 0.7% slip during January.
Pending home sales figures are analogous to the new home sales data from the Commerce Department in that they measure existing home sales when the sales contract is signed, not at the time the sale is closed. The series dates back to 2001 and the data are available in Haver's PREALTOR database.
Estimated Rules for Monetary Policy from the Federal Reserve Bank of St. Louis is available here.
| Pending Home Sales (2001=100) | Feb | Jan | Dec | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total | 104.8 | 105.2 | 101.3 | 8.5 | 100.3 | 90.2 | 89.1 |
| Northeast | 82.8 | 84.9 | 78.4 | 6.8 | 79.1 | 67.9 | 70.9 |
| Midwest | 103.6 | 103.2 | 100.5 | 13.1 | 95.9 | 81.5 | 79.8 |
| South | 118.8 | 119.2 | 112.7 | 12.1 | 110.7 | 98.3 | 97.0 |
| West | 101.4 | 101.3 | 102.0 | -0.8 | 105.0 | 104.1 | 100.7 |
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
