Global| Sep 20 2017U.S. Existing Home Sales Decline to One-Year Low
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of existing homes fell 1.7% (+0.2% y/y) during August to 5.350 million units (AR) from an unrevised 5.440 million in July. It was the lowest volume of sales since August 2016. Expectations were for 5.470 million sales in the [...]
Sales of existing homes fell 1.7% (+0.2% y/y) during August to 5.350 million units (AR) from an unrevised 5.440 million in July. It was the lowest volume of sales since August 2016. Expectations were for 5.470 million sales in the Action Economics Forecast Survey.
Sales of existing single-family homes fell 2.1% (+0.4% y/y) to 4.740 million units while sales of co-ops and condos rose 1.7% (-1.6% y/y) to 610,000.
By region, total existing home sales in the South were reduced 5.7% (-0.9% y/y) to 2.150 million units, reflecting the effects of Hurricane Harvey, following a 2.2% rise in July. Home sales in the West were off 4.8% (+0.8% y/y) to 1.200 million after a 5.0% gain. In the Northeast, existing home sales strengthened 10.8% (1.4% y/y) to 720,000 after a 14.5% drop. Home sales in the Midwest gained 2.4% (0.8% y/y) to 1.280 million after a 5.3% decline.
The median price of all existing homes sold decreased 1.8% (+5.6% y/y) to $253,500.
The number of homes on the market declined 2.1% (-6.5% y/y) to 1.88 million. There was a 4.2 months' supply of those homes available for sale, up from a recent low of 3.5 months in January.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Aug | Jul | Jun | Y/Y % | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total | 5,350 | 5,440 | 5,510 | 0.2 | 5,440 | 5,234 | 4,923 |
| Northeast | 720 | 650 | 760 | 1.4 | 735 | 685 | 641 |
| Midwest | 1,280 | 1,250 | 1,320 | 0.8 | 1,296 | 1,231 | 1,134 |
| South | 2,150 | 2,280 | 2,230 | -0.9 | 2,217 | 2,148 | 2,048 |
| West | 1,200 | 1,260 | 1,200 | 0.8 | 1,193 | 1,170 | 1,100 |
| Single-Family | 4,740 | 4,840 | 4,880 | 0.4 | 4,828 | 4,624 | 4,333 |
| Median Price Total ($, NSA) | 253,500 | 258,100 | 263,300 | 5.6 | 232,067 | 219,867 | 206,708 |
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.
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