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Economy in Brief

U.S. Existing Home Sales & Prices Rise Again
by Tom Moeller  April 23, 2018

The National Association of Realtors reported that sales of existing homes increased 1.1% during March (-1.2% y/y) to 5.600 million units (AR) following an unrevised 3.0% February gain to 5.540 million units. Expectations had been for 5.55 million sales in the Action Economics Forecast Survey.

The median price of all existing homes sold rose to $250,400 (5.8% y/y) from $240,900. The average sales price increased to $290,100 (4.1% y/y).

Sales of existing single-family homes improved 0.6% last month (-1.0% y/y) to 4.990 million units. Sales of co-ops and condos increased 5.2% (-3.2% y/y) to 610,000.

The number of homes on the market declined 7.2% y/y. The supply of homes rose slightly to 3.6 months but remained near the record low.

By region, home sales in the Northeast increased 6.3% (-9.3% y/y) to 680,000 units. Home sales in the Midwest gained 5.7% (-1.5% y/y) to 1.290 million units. Working lower were existing home sales in the West which decreased 3.1% (+0.8% y/y) to 1.230 million units. In the South, sales eased 0.4% (+0.4% y/y) to 2.400 million units.

The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and 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) Mar Feb Jan Y/Y % 2017 2016 2015
Total 5,600 5,540 5,380 -1.2 5,536 5,441 5,228
   Northeast 680 640 730 -9.3 737 735 684
   Midwest 1,290 1,220 1,250 -1.5 1,304 1,298 1,231
   South 2,400 2,410 2,260 0.4 2,270 2,217 2,147
   West 1,230 1,270 1,140 0.8 1,225 1,192 1,167
Single-Family 4,990 4,960 4,760 -1.0 4,910 4,825 4,623
Median Price Total ($, NSA) 250,400 240,900 240,800 5.8 245,950 232,067 219,867
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