Global| Jul 28 2011U.S. Pending Home Sales Recover Somewhat
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that pending sales of existing single-family homes rose 2.4% last month after an unrevised 8.2% May increase. Despite the recent improvement, sales for the second quarter fell 3.4% [...]
The National Association of Realtors (NAR) reported that pending sales of existing single-family homes rose 2.4% last month after an unrevised 8.2% May increase. Despite the recent improvement, sales for the second quarter fell 3.4% versus Q1. The m/m June improvement was sharpest in the West where sales rose 6.4%. In the South sales rose 4.4%, but sales fell 3.7% in the Midwest and 0.4% in the Northeast.
The Realtors Association earlier released figures showing that its first-time homebuyers affordability index rose during Q1 to an all-time high of 126.4. That's up by three-quarters from 2006 due to lower interest rates of 5.15% and lower monthly mortgage payments of $662. The first-time home-buyers median income was $40,169 of a home which, on-average, cost $134,800.
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.
How Much Has House Lock Affected Affected Labor Mobility and the Unemployment Rate? from the Federal Reserve Bank of Chicago is available here.
| Pending Home Sales (2001=100) | Jun | May | Apr | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 90.9 | 88.8 | 82.1 | 19.8 | 89.4 | 94.5 | 87.0 |
| Northeast | 68.9 | 69.2 | 64.5 | 19.4 | 71.6 | 76.6 | 73.5 |
| Midwest | 79.7 | 82.8 | 74.9 | 26.3 | 80.3 | 88.6 | 81.1 |
| South | 99.2 | 95.0 | 91.3 | 19.1 | 97.0 | 98.0 | 89.8 |
| West | 107.0 | 100.6 | 89.1 | 16.4 | 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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