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Economy in Brief
U.S. Housing Starts Drop to 1.446 Mil. in July
Toal housing starts fell 9.6% m/m (-8.1% y/y) to a lower-than-expected 1.446 million...
U.S. Gasoline Prices Decline While the Cost of Crude Oil Rises
Retail gasoline prices fell to $3.94 per gallon (+24.1% y/y) last week...
ZEW Experts Still See Depressed Conditions and Harbor Weak Expectations
the current situation in the eyes of the ZEW experts strengthened in August in the U.S. and the U.K. but...
U.S. Home Builder Index Extends Downward Trend
The NAHB-Wells Fargo Composite Housing Market Index declined 10.9% during August (-34.7% y/y) to 49...
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller August 22, 2018
The National Association of Realtors reported that sales of existing homes during July moved 0.7% lower (-1.5% y/y) to 5.340 million (AR), following an unrevised 5.380 million during June. It was the fourth consecutive month of decline to the lowest level of sales since February 2016. Expectations had been for 5.41 million sales in the Action Economics Forecast Survey.
The median price of all existing homes sold declined 1.5% last month (+4.5% y/y) to $269,600 from the revised record of $273,800. The average sales price fell 1.3% (+3.0% y/y) to $307,800.
Sales of existing single-family homes eased 0.2% last month (-1.2% y/y) to 4.750 million units from 4.760 million. Sales of co-ops and condos declined 4.8% (-3.3% y/y) to 590,000.
The number of homes on the market held steady y/y. The supply of homes on the market also was unchanged at 4.3 months, up from the record low of 3.2 months reached in December.
By region, home sales in the Northeast led last month's total sales decline by falling 8.3% (-1.5% y/y) to 660,000 units. Home sales in the Midwest eased 1.6% (-0.8% y/y) to 1.250 million units. Sales in the South slipped 0.4% both m/m and y/y to 2.240 million units. Moving 4.4% higher were sales in the West to 1.190 million units (-4.0% y/y).
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
The minutes to the latest FOMC meeting are available here.
Existing Home Sales (SAAR, 000s) | Jul | Jun | May | Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total | 5,340 | 5,380 | 5,410 | -1.5 | 5,536 | 5,441 | 5,228 |
Northeast | 660 | 720 | 680 | -1.5 | 737 | 735 | 684 |
Midwest | 1,250 | 1,270 | 1,260 | -0.8 | 1,304 | 1,298 | 1,231 |
South | 2,240 | 2,250 | 2,300 | -0.4 | 2,270 | 2,217 | 2,147 |
West | 1,190 | 1,140 | 1,170 | -4.0 | 1,225 | 1,192 | 1,167 |
Single-Family | 4,750 | 4,760 | 4,790 | -1.2 | 4,910 | 4,825 | 4,623 |
Median Price Total ($, NSA) | 269,600 | 273,800 | 265,100 | 4.5 | 245,950 | 232,067 | 219,867 |