- Japan: Index of Business Conditions (Feb-Final), Electric Power Generated (Jan)
- Spain: Services Sector Activity, New Orders and Turnovers (Feb)
- Finland: PPI, Domestic Supply Prices (Mar)
- US: NABE Business Conditions Survey (Q1)
- Indonesia: Non-Oil and Gas Trade (Feb); Taiwan: Labor Market (Mar)
- Egypt: IP (Feb)
- more updates...
Economy in Brief
Fresh Six-Year PMI Highs for Euro Area
The 'fresh six-year high' is a pleasant surprise that continues, but...
Philadelphia Fed Factory Conditions Soften
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index fell to 22.0 during April...
U.S. Leading Economic Indicators Suggest Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (3.5% y/y) during March...
U.S. Initial Unemployment Insurance Applications Increase
Initial unemployment claims for unemployment insurance rose to 244,000 during the week ended April 15 (-5.1% y/y)...
Japan's 'Trade Trends' Stabilize on an Unstable Foundation
Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y)...
by Tom Moeller October 20, 2016
Sales of existing homes increased 3.2% (0.6% y/y) in September to 5.470 million units (AR) following a 1.5% decline to 5.300 million in August, revised from 5.330 million. Expectations had been for 5.32 million sales in the Action Economics Forecast Survey. Sales of existing single-family homes improved 4.1% last month (0.6% y/y) to 4.860 million following two months of decline. Sales of condos & co-ops declined 3.2% (0.0% y/y) to 610,000 after a 10.5% increase. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes declined 2.4% (+5.6% y/y) to $234,200 from a downwardly revised $239,900. 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 fell to $276,200 (+4.2% y/y).
Improvement in sales was reported around the country. Sales rose 5.7% (0.0% y/y) in the Northeast to 740,000. In the West, sales increased 5.0% (1.6% y/y) to 1.250 million. Sales gained 3.9% in the Midwest (2.3% y/y) to 1.320 million, and sales in the South improved 0.9% (-0.9% y/y) to 2.260 million.
The total inventory of homes on the market declined 6.8% y/y to 2.040 million. The months' sales supply of homes ticked lower to 4.5, down from 4.8 months during all of last year and 5.2 months in 2014.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Sep||Aug||Jul||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||234,200||239,900||243,300||5.6||219,867||206,708||195,667|