Global| Nov 05 2010U.S. Pending Home Sales Fall Unexpectedly
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that September pending sales of existing single-family homes fell 1.8% m/m. The decline reversed much of an August gain and was well short of a Consensus expectations for a 3.0% [...]
The National Association of Realtors (NAR) reported that September pending sales
of existing single-family homes fell 1.8% m/m. The decline reversed much of an
August gain and was well short of a Consensus expectations for a 3.0% increase.
Nevertheless, sales remained near the highest level since they fell sharply with the removal of the government's $8,000
tax credit for first-time home buyers.
Sales in most regions of the country sales fell m/m and remained down by roughly one-quarter from the year-ago level. The exception last month was a 3.5% rise in sales in the West which added to gains during the prior two months. However, sales were down 24.7% y/y.
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.
| Pending Home Sales (2001=100) | Sept. | Aug. | July | Y/Y % | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total | 80.9 | 82.4 | 78.9 | -25.0 | 95.1 | 86.9 | 95.9 |
| Northeast | 59.6 | 60.6 | 62.4 | -28.3 | 76.7 | 73.0 | 86.1 |
| Midwest | 64.2 | 68.1 | 66.6 | -33.0 | 88.8 | 80.7 | 89.6 |
| South | 87.6 | 90.8 | 85.1 | -19.1 | 98.9 | 90.3 | 107.4 |
| West | 104.6 | 101.1 | 95.0 | -24.7 | 109.9 | 99.2 | 92.1 |
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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