- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey (Mar)
- more updates...
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 June 22, 2016
Sales of existing homes increased 1.8% (4.5% y/y) during May to 5.530 million (SAAR) from 5.430 million in April, revised from 5.450 million. The latest level was the highest since February 2007. It surpassed expectations for 5.55 million sales in the Action Economics Forecast Survey. Sales of existing single-family homes gained 1.9% last month (4.7% y/y) to 4.900 million. Sales of condos & cops rose 1.6% (3.3% y/y) to 630,000.
The median price of all previously owned homes increased 3.8% to $239,700 (4.7% y/y) from $230,900, revised from $232,500. Annualized growth in prices has been roughly steady for the past two years, but falls short of the double-digit increases in 2013. The average price of an existing home increased 3.0% to $281,700 (3.2% y/y).
Home sales were strongest last month in the West where they posted a 5.4% rise (-1.7% y/y) to 1.180 million. Home sales in the South followed with a 4.6% rise (6.5% y/y) to 2.280 million. Home sales in the Northeast increased 4.1% (11.6% y/y) to 770,000, but they declined 6.5% (+3.2% y/y) to 1.300 million in the Midwest.
The number of existing homes on the market declined 5.7% y/y, but the months' supply of homes held at 4.7, about where it's been for three years.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||May||Apr||Mar||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||239,700||230,900||221,500||4.7||219,867||206,708||195,667|