Global| Mar 26 2012U.S. Pending Home Sales Slip
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors (NAR) reported that February pending sales of single-family homes slipped 0.5 % (+9.2% y/y), continuing its sideways movement since November. The index level of 96.5 (2001=100) nevertheless [...]
The National Association of Realtors (NAR) reported that February
pending sales of single-family homes slipped 0.5 % (+9.2% y/y), continuing
its sideways movement since November. The index level of 96.5 (2001=100)
nevertheless remained nearly the highest since April of 2010 when the
first-time homebuyers tax credit was fueling sales.
Sales deterioration last month spread throughout the country. Sales in the South fell 3.0% m/m (+7.8% y/y) accompanied by a 2.6% decline (-1.8% y/y) in the West. The sales index for the Northeast slipped 0.6% (+18.4% y/y). These declines were offset by a 6.5% rise (19.0% y/y) in sales in the Midwest.
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 Supply Side of the Housing Boom and Bust of the 2000s from the Federal Reserve Bank of New York can be found here.
| Pending Home Sales (2001=100) | Feb | Jan | Dec | Y/Y % | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total | 96.5 | 97.0 | 95.1 | 9.2 | 90.3 | 89.2 | 94.7 |
| Northeast | 77.7 | 78.2 | 72.7 | 18.4 | 68.0 | 70.9 | 76.8 |
| Midwest | 93.8 | 88.1 | 91.6 | 19.0 | 81.6 | 79.9 | 88.9 |
| South | 105.8 | 109.1 | 101.3 | 7.8 | 98.3 | 97.0 | 98.4 |
| West | 99.3 | 101.9 | 106.6 | -1.8 | 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.
