Global| Apr 28 2011U.S. Pending Home Sales Improve
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that March pending sales of existing single-family homes rose 5.1% and added to the downwardly revised 0.7% February uptick. The m/m increase occurred across the country, again with [...]
The National Association of Realtors (NAR) reported that March pending
sales of existing single-family homes rose 5.1% and added to the
downwardly revised 0.7% February uptick. The m/m increase occurred across
the country, again with the exception of the Northeast.
The Realtors' Association reported early this month that housing affordability rose sharply during February to a record high. Thereafter, it was reported that the median sales price of an existing home rose 2.2% (-5.9% y/y) in March, perhaps reducing affordability 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) | Mar | Feb | Jan | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 94.1 | 89.5 | 88.9 | -11.4 | 89.4 | 94.5 | 87.0 |
| Northeast | 63.4 | 65.5 | 73.5 | -18.3 | 71.6 | 76.6 | 73.5 |
| Midwest | 83.5 | 81.1 | 78.0 | -16.6 | 80.3 | 88.6 | 81.1 |
| South | 110.2 | 99.9 | 97.7 | -10.5 | 97.0 | 98.0 | 89.8 |
| West | 103.7 | 100.6 | 98.7 | -4.2 | 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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