- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
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Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller January 22, 2016
The National Association of Realtors reported that existing home sales jumped 14.7% during December (6.1% y/y) to 5.460 million (SAAR). The rise followed an unrevised 10.5% November decline that reflected new regulations which lengthened the home mortgage closing process, and thereby likely pushed some closings from November into December. Sales were stronger than the 5.12 million called for in the Action Economic Forecast Survey.
Median sales prices of existing homes rose to $224,100 in December, up 7.6% from one year earlier. The increase improved on a 3.7% y/y rise logged in June 2014. The average sales price rose 4.7% y/y.
The number of homes on the market declined 3.8% y/y. The month's supply of homes fell to 3.9, the lowest level since 2005, down from the 11.8 month high in July 2010.
In November, the composite index of housing affordability improved to 167.4, but that was down 2.6% y/y. It remained well below the January 2013 high of 214.5, suggesting that the median income family was less able to afford a median-priced existing home.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Dec||Nov||Oct||NSA, Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||224,100||220,000||219,100||7.6||219,942||206,708||195,667|