Global| Jun 27 2012U.S. Pending Home Sales Recover
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that pending sales of single-family homes rose 5.9% last month and reversed the April decline. Sales have risen one-third versus the 2010 low. Nevertheless, the sales index level of [...]
The National Association of Realtors (NAR) reported that pending sales
of single-family homes rose 5.9% last month and reversed the April decline.
Sales have risen one-third versus the 2010 low. Nevertheless, the sales
index level of 101.1 was down roughly 25% versus the April 2005 peak.
Sales rose last month across the country led by a 14.5% rise (4.8% y/y) in the West followed by a 6.8% increase (22.1% y/y) in the Midwest. In the Northeast, sales increased 4.8% (19.8% y/y) and rose 1.1% (11.9% y/y) in the South.
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.
Housing Bubbles and Homeownership Returns from the Federal Reserve Bank of San Francisco can be found here .
| Pending Home Sales (2001=100) | May | Apr | Mar | Y/Y % | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 101.1 | 95.5 | 101.1 | 13.3 | 90.3 | 89.2 | 94.7 |
| Northeast | 82.9 | 79.1 | 78.2 | 19.8 | 68.0 | 70.9 | 76.8 |
| Midwest | 98.9 | 93.0 | 93.3 | 22.1 | 81.6 | 79.9 | 88.9 |
| South | 106.9 | 105.7 | 113.4 | 11.9 | 98.3 | 97.0 | 98.4 |
| West | 108.7 | 94.9 | 107.8 | 4.8 | 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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