- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
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...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller May 20, 2016
Sales of existing homes increased 1.7% (6.0% y/y) to 5.450 million (SAAR) during April from 5.360 million in March, revised from 5.330 million. Sales have been notably volatile m/m during the past year, but the latest reading was just shy of the high reached during the economic recovery. It remained down sharply, however, versus the record high reached in 2005. The latest result outpaced the improvement to 5.390 million sales expected in the Action Economics Forecast Survey. Existing single-family home sales edged 0.6% higher to 4.810 million (6.2% y/y) last month following a 6.0% rise.
The median price of all previously owned homes increased 5.0% to $232,500 (6.3% y/y) from an downwardly revised $221,500. Annualized growth in prices has been roughly steady for the past two years, but falls short of the double-digit growth in 2013. The average price of an existing home increased 4.0% to $275,000 (4.2% y/y).
Home sales were strongest last month in the Midwest where they posted a 12.1% gain (12.1% y/y) to 1.390 million. That rise was followed by a 2.8% increase (17.5% y/y) in the Northeast to 740,000. Previously owned home sales in the South declined 2.7% (+4.3% y/y) to 2.190 million. Sales in the West eased 1.7% (-3.4% y/y) to 1.130 million.
The number of existing homes on the market declined 3.6% y/y, and the months' supply of homes rose to 4.7, about where it's been for three years.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Apr||Mar||Feb||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||232,500||221,500||212,100||6.3||219,867||206,708||195,667|