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Economy in Brief
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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
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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 September 22, 2016
Sales of existing homes fell 0.9% (+0.8% y/y) during August to 5.330 million units after 3.4% July decline to 5.380 million units, revised from 5.390 million. Expectations had been for 5.45 million sales in the Action Economics Forecast Survey. Sales of existing single-family homes were off 2.3% last month (+0.6% y/y) to 4.700 million. Sales of condos & co-ops increased 10.5% (1.6% y/y) to 630,000, and made up the July decline. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes eased 1.3% (+5.1% y/y) to $240,200 from a downwardly revised $243,300. Annualized growth in prices of 5.1% 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 eased slightly to $282,100 (+4.0% y/y).
Weakness in sales occurred in most regions of the country. Home sales in the South declined 2.7% (+0.9% y/y) to 2.160 million, the lowest level in nine months. Home sales in the West fell 1.6% (+0.8% y/y) to 1.200 million, and reversed the prior month's increase. In the Midwest, home sales eased 0.8% (+0.8% y/y) to 1.270 million, the lowest level since March. To the upside were sales in the Northeast. The 6.1% increase to 700,000 left them unchanged y/y.
The number of existing homes on the market declined 10.1% y/y to 2.040 million. The months' sales supply of homes eased to 4.6, about where it's been for three years.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Aug||Jul||Jun||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||240,200||243,300||247,600||5.1||219,867||206,708||195,667|