Global| Jul 23 2019U.S. Existing Home Sales Decline As Prices Rise
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that sales of existing homes declined 1.7% in June (-2.2% y/y) to 5.270 million (SAAR) from 5.360 million during May, revised from 5.340 million. Sales remained 6.9% higher than the recent [...]
The National Association of Realtors reported that sales of existing homes declined 1.7% in June (-2.2% y/y) to 5.270 million (SAAR) from 5.360 million during May, revised from 5.340 million. Sales remained 6.9% higher than the recent low during January. Sales of 5.34 million had been expected in the Action Economics Forecast Survey.
The median price of all existing homes sold increased 2.7% last month (4.3% y/y) to a record $285,700 (NSA). The average sales price rose 2.2% (3.1% y/y) to $321,600, also a record.
Existing home sales were mixed m/m throughout the country during June. Existing home sales in the Midwest improved 1.6% (-1.6% y/y) to 1.250 million after two months of increase. Sales in the Northeast rose 1.5% (-4.2% y/y) to 680,000 and added to May's gain. Working lower were sales in the South by 3.4% (-0.4% y/y) to 2.250 million after a 2.2% gain. Sales in the West were off 3.5% (-5.2% y/y) to 1.090 million after two straight months of 1.8% increase.
Sales of existing single-family homes declined 1.5% (-1.7% y/y) to 4.690 million units and reversed May's increase. Sales of condos and co-ops were off 3.3% (-6.5% y/y) to 580,000 units and also reversed May's gain.
The number of homes on the market was unchanged y/y. The months' supply of homes on the market rose to 4.4, up from a low of 3.1 months in December 2017.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Jun | May | Apr | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,270 | 5,360 | 5,210 | -2.2 | 5,341 | 5,531 | 5,437 |
| Northeast | 680 | 670 | 640 | -4.2 | 689 | 735 | 733 |
| Midwest | 1,250 | 1,230 | 1,180 | -1.6 | 1,265 | 1,301 | 1,297 |
| South | 2,250 | 2,330 | 2,280 | -0.4 | 2,246 | 2,270 | 2,215 |
| West | 1,090 | 1,130 | 1,110 | -5.2 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,690 | 4,760 | 4,630 | -1.7 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 285,700 | 278,200 | 266,900 | 4.3 | 257,267 | 245,950 | 232,067 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
