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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
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...
by Tom Moeller March 21, 2016
The National Association of Realtors reported that existing home sales declined 7.1% to 5.080 million (SAAR, +2.2% y/y) from an unrevised 5.470 million in January. It was the lowest level of sales in three months. Sales of 5.36 million had been expected in the Action Economics Forecast Survey. Purchases of single-family homes declined 7.2% (+2.0% y/y) to 4.510 million.
A 17.1% decline (+5.0% y/y) to 630,000 in the Northeast led the decline in overall sales. It was followed by a 3.8% decline in the Midwest to 1.120 million, which remained unchanged y/y. In the West, sales declined 3.4% (+0.9% y/y) to 1.130 million, and in the South sales were off 1.8% (+3.3% y/y) to 2.200 million.
The inventory of unsold homes rose 3.3% (-1.1% y/y). The sales supply inched up to 4.4 months, though it remained near the recovery low.
The median price for an existing home declined 1.4% (NSA, +4.4%y/y) to $210,800 following a 4.3% January shortfall. For an existing single-family home, prices fell 1.2% (+4.3% y/y) to $212,300. The composite index of home affordability increased 5.2% (-6.5% y/y), and remained up 10.7% from its July low.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Feb||Jan||Dec||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||210,800||213,700||223,200||4.4||219,867||206,708||195,667|