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Economy in Brief

U.S. Existing Home Sales Ease While Prices Improve
by Tom Moeller  July 24, 2017

Sales of existing homes declined 1.8% (+0.7% y/y) during June to 5.520 million units (AR) from an unrevised 5.620 million in May. It was the lowest level of sales since February. Expectations were for 5.580 million sales in the Action Economics Forecast Survey.

The median price of existing homes increased 4.5% (6.5% y/y) to $263,800. Prices rose 7.4% y/y in the West to $378,100. Prices gained 4.1% y/y in the Northeast to $296,300. In the Midwest, prices increased 7.7% y/y to $213,000, while in the South, prices rose 6.2% y/y to $231,000.

Sales of existing single-family homes fell 2.0% (+0.6% y/y) to 4.880 million while sales of co-ops and condos held steady (1.6% y/y) at 480,000.

The number of homes on the market eased 0.5% (-7.1% y/y) to 19.6 million. There was a 4.3 months sales supply, up from 3.5 months at in January, but down from 4.6 months last June.

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) Jun May Apr Y/Y % 2016 2015 2014
Total 5,520 5,620 5,560 0.7 5,440 5,234 4,923
   Northeast 760 780 730 1.3 735 685 641
   Midwest 1,320 1,280 1,360 0.0 1,296 1,231 1,134
   South 2,230 2,340 2,290 4.5 2,217 2,148 2,048
   West 1,210 1,220 1,180 2.5 1,193 1,170 1,100
Single-Family 4,880 4,980 4,930 0.6 4,828 4,624 4,333
Median Price Total ($, NSA) 263,800 252,500 245,000 6.5 232,067 219,867 206,708
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