Global| May 27 2011U.S. Pending Home Sales Fall Sharply
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that pending sales of existing single-family homes fell 11.6% last month after a 3.5% March gain, that was initially reported as 5.1%. Sales were at the lowest level since September. [...]
The National Association of Realtors (NAR) reported that pending sales
of existing single-family homes fell 11.6% last month after a 3.5% March
gain, that was initially reported as 5.1%. Sales were at the lowest level
since September. The m/m decline was sharpest in the South where sales
fell 17.2% m/m. In the Northeast sales inched up 1.7% but remained down by
one-third versus April of last year.
The Realtors' Association reported early this month that housing affordability fell during March from its record high. Subsequently, it was reported that the median sales price of an existing home rose 1.6% (-5.4% y/y) in April perhaps reducing affordability again slightly.
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) | Apr | Mar | Feb | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 81.9 | 92.6 | 89.5 | -26.5 | 89.4 | 94.5 | 87.0 |
| Northeast | 64.5 | 63.4 | 65.5 | -33.4 | 71.6 | 76.6 | 73.5 |
| Midwest | 74.1 | 82.7 | 81.1 | -30.2 | 80.3 | 88.6 | 81.1 |
| South | 91.3 | 110.3 | 99.9 | -27.0 | 97.0 | 98.0 | 89.8 |
| West | 89.1 | 97.8 | 100.6 | -16.9 | 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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