Global| Feb 28 2011U.S. Pending Home Sales Decline
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that January pending sales of existing single-family homes fell 2.8% after a 3.2% December decline, which last month was reported as a 2.0% increase. Sales fell hard in most regions [...]
The National Association of Realtors (NAR) reported that January pending sales of existing single-family homes fell 2.8% after a 3.2% December decline, which last month was reported as a 2.0% increase. Sales fell hard in most regions of the country due to heavy snowfalls.
In a related report, the Realtors' Association reported that housing affordability slipped m/m during December but remained near the record high. The median price for a single-family home fell 31.0% from its 2006 high but the monthly mortgage rate ticked up to a 4.69%. The average mortgage payment of principal plus interest remained at 13.5% of income, down from its 2006 high of 24.8%.
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 is available in Haver's PREALTOR database. The home affordability figures are available in the REALTOR database.
| Pending Home Sales (2001=100) | Jan | Dec | Nov | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 88.9 | 91.5 | 94.5 | -1.6 | 89.4 | 94.5 | 87.0 |
| Northeast | 73.5 | 75.3 | 77.3 | -3.0 | 71.6 | 76.6 | 73.5 |
| Midwest | 78.0 | 84.1 | 83.7 | -3.2 | 80.3 | 88.6 | 81.1 |
| South | 97.7 | 96.4 | 95.5 | -0.4 | 97.0 | 98.0 | 89.8 |
| West | 98.7 | 104.1 | 117.8 | -0.9 | 100.8 | 109.3 | 99.4 |
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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