Global| Oct 04 2010U.S. Pending Home Sales Improve
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that pending sales of existing single-family homes improved during August. The 4.3% m/m rise repeated the gain during July and brought home sales to the highest level since April. [...]
The National Association of Realtors (NAR) reported that pending sales
of existing single-family homes improved during August. The 4.3% m/m rise
repeated the gain during July and brought home sales to the highest level
since April. Thereafter sales fell sharply with the removal of the
government's $8,000 tax credit for first-time home buyers. The latest
increase was slightly stronger than Consensus expectations for a 3.0% rise.
Throughout most of the country, sales increased. The largest m/m gain occurred in the Southern and Western regions of the country where sales rose roughly 6.0% m/m. A smaller increase was logged in the Midwest but sales in the Northeast fell 2.9% and remained near the cycle low.
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) | August | July | June | Y/Y % | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Total | 82.3 | 78.9 | 75.5 | -20.1 | 95.1 | 86.9 | 95.9 |
| Northeast | 60.6 | 62.4 | 58.8 | -28.8 | 76.7 | 73.0 | 86.1 |
| Midwest | 68.0 | 66.6 | 64.1 | -26.6 | 88.8 | 80.7 | 89.6 |
| South | 90.8 | 85.1 | 85.3 | -13.1 | 98.9 | 90.3 | 107.4 |
| West | 101.1 | 95.0 | 85.1 | -19.6 | 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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