Global| Aug 29 2012U.S. Pending Home Sales Reach Two-Year High
by:Tom Moeller
|in:Economy in Brief
Summary
Pending sales of single-family homes rose 2.4% last month after an unrevised 1.4% June decline, according to the National Association of Realtors (NAR). Sales have risen nearly one-third from the 2010 low. The sales index of 101.7 was [...]
Pending sales of single-family homes rose 2.4% last month after
an unrevised 1.4% June decline, according to the National Association of
Realtors (NAR). Sales have risen nearly one-third from the 2010 low. The
sales index of 101.7 was its highest since April 2010 when the first-time
home buyers tax credit program expired.
Sales improved last month across most of the country led by a 5.2% advance (15.6% y/y) in the South. Sales in the Midwest followed with a 3.4% rise (20.2% y/y) while sales in the Northeast ticked up 0.5% (3.4% y/y). Home sales in the West fell 1.7% (+1.3% 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 are available in Haver's PREALTOR database.
The Fed's Emergency Liquidity Facilities during the Financial Crisis: The FDC from the Federal Reserve Bank of New York is available here.
| Pending Home Sales (2001=100) | Jul | Jun | May | Y/Y% | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 101.7 | 99.3 | 100.7 | 12.4 | 90.3 | 89.2 | 94.7 |
| Northeast | 77.0 | 76.6 | 82.9 | 13.4 | 68.0 | 70.9 | 76.8 |
| Midwest | 97.4 | 94.2 | 94.8 | 20.2 | 81.6 | 79.9 | 88.9 |
| South | 111.7 | 106.2 | 108.4 | 15.6 | 98.3 | 97.0 | 98.4 |
| West | 109.9 | 111.8 | 108.7 | 1.3 | 104.2 | 100.8 | 109.2 |
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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