Global| Nov 14 2007U.S. Pending Home Sales Stabilize
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that for September, level of pending home sales held steady at the August level. That level was, however, still down 20.4% from one year earlier and 24.4% year to date. The latest monthly [...]
The National Association of Realtors reported that for September, level of pending home sales held steady at the August level. That level was, however, still down 20.4% from one year earlier and 24.4% year to date.
The latest monthly figure is about one third below the peak average level during 2005. The data date back only to 2001.
These figures are analogous to the new home sales data from the Commerce Dept. in that they measure home sales when the sales contract is signed, not at the time the sale is closed.
In further confirmation of the slow rate of home sales, the Realtors indicated in an earlier report that the number of homes on the market and available for sale rose September to a level 16.3% above the year earlier level.
In the Western part of the nation, sales were about unchanged m/m but remained down 25.6% from one year earlier.
In the Northeast, pending home sales are down 23.1% y/y. In the Midwest sales are down 14.4% and in the South sales are down 19.7%.
The pending home sales data are available in Haver's PREALTOR database and the number of homes on the market are in the REALTOR database.
| Pending Home Sales (2001=100) | September | August | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Total | 85.7 | 85.5 | -20.4% | 112.1 | 124.2 | 120.5 |
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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