- 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)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
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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 February 23, 2016
The National Association of Realtors reported that existing home sales nudged 0.4% higher (7.5% y/y) during January to 5.470 million (SAAR). The rise followed a revised 12.1% December jump. Sales were stronger than the 5.36 million called for in the Action Economic Forecast Survey. Sales were revised slightly back to 2013.
Median sales prices of existing homes declined 4.2% last month to $213,800, but remained up 8.2% from one year earlier. The average sales price fell 4.4% to $215,000 (+8.3% y/y).
The number of homes on the market declined 2.2% y/y. The month's supply of homes held at 4.0, near the lowest level since 2005, down from the 11.9 month high in July 2010.
In December, the composite index of housing affordability eased to 161.7, down 5.4% y/y. It remained well below the January 2013 high of 214.5, suggesting that the median income family was less able to afford a median priced existing home.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
Whither Mortgages? from the Federal Reserve Bank of New York is available here.
|Existing Home Sales (SAAR, 000s)||Jan||Dec||Nov||NSA, Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||213,800||223,200||220,000||8.2||219,867||206,708||195,667|