- 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 November 22, 2016
Sales of existing homes increased 2.0% (5.9% y/y) during October to 5.600 million (AR) after a 3.6% increase to 5.490 million in September, revised up from 5.470 million. The latest level was the highest since February 2007. Expectations had been for 5.45 million purchases in the Action Economics Forecast Survey. Sales of existing single-family homes improved 2.3% last month (6.6% y/y) to 4.990 million following a 4.5% increase. Sales of condos & co-ops remained unchanged both m/m and y/y at 610,000 following a 3.2% decline. The figures are reported by the National Association of Realtors.
The median price of all previously owned homes declined 1.3% to $232,200, the fourth straight month of decline. Annualized price growth of 6.0% 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 $274,300 (+4.4% y/y).
Improvement in sales was reported around the country. Sales in the South improved 2.8% (4.7% y/y) to 2.220 million, while sales gained 2.3% in the Midwest (6.3% y/y) to 1.360 million. Sales rose 1.4% m/m, and 1.4% y/y, in the Northeast to 750,000 and in the West, sales increased 0.8% (10.4% y/y) to 1.270 million.
The total inventory of homes on the market declined 4.3% y/y to 2.020 million. The months' sales supply of homes ticked lower to 4.3, down from 4.8 months during all of last year and 5.2 months in 2014.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
|Existing Home Sales (SAAR, 000s)||Oct||Sep||Aug||Y/Y %||2015||2014||2013|
|Median Price Total ($, NSA)||232,200||235,300||239,900||6.0||219,867||206,708||195,667|