- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
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 August 24, 2016
Sales of existing homes declined 3.2% (-1.6% y/y) during July to 5.390 million units (AR) after an unrevised June rise to 5.570 million. The decline erased the increases during the prior three months. Expectations had been for 5.53 million sales in the Action Economics Forecast Survey. Sales of existing single-family homes fell 2.0% last month (-0.8% y/y) to 4.820 million. Sales of condos & co-ops dropped 12.3% (-8.1% y/y) to 570,000, the lowest level since February. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes eased 1.4% to $244,100 (+5.3% y/y) from $247,600. 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 declined 1.3% to $285,900 (+3.6% y/y).
Weakness in sales occurred in most regions of the country. Home sales in the Northeast sales declined 13.2% (-5.7% y/y) to 660,000 units, the lowest level since February. Midwest home sales of 1.280 million were off 5.2% and were unchanged y/y. Home sales in the South declined 1.8% to 2.220 million, the lowest level in three months. To the upside were sales in the West. The 2.5% increase to 1.230 million (-0.8% y/y) left them at the highest level since September.
The number of existing homes on the market declined 5.8% y/y to 2.130 million. The months' sales supply of homes eased to 4.7, about where it's been for three years.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Jul||Jun||May||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||244,100||247,600||238,900||5.3||219,867||206,708||195,667|