Global| Jun 21 2011U.S. Existing Home Sales Fall Further
by:Tom Moeller
|in:Economy in Brief
Summary
The National Association of Realtors reported that forward momentum in the housing market has disappeared. Sales of existing homes during May fell 3.8% to 4.810M from 5.000M in April, revised from 5.050M. The decline followed a 1.8% [...]
The National Association of Realtors reported that forward momentum in
the housing market has disappeared. Sales of existing homes during May fell
3.8% to 4.810M from 5.000M in April, revised from 5.050M. The decline
followed a 1.8% April drop and roughly matched Consensus expectations,
according to Action Economics. Total sales include sales of condos and
co-ops. Sales of existing single-family homes alone fell 3.2% (-15.4% y/y)
from April to 4.240M. (These data have a longer history than the total
sales series.) Sales of condos and co-ops fell 8.1% m/m (-14.7% y/y).
The median price of all existing homes rose 3.4% m/m to $166,500. Nevertheless, prices remained near the lowest level in ten years. The price of a single-family home rose 3.3% last month to $166,700 (-4.5% y/y). Home affordability slipped during May from its record high but remained up more than two-thirds from the 2006 low.
The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.
| Existing Home Sales (Thous, SAAR) | May | Apr | Mar | Y/Y% | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total | 4,810 | 5,000 | 5,090 | -15.3 | 4,918 | 5,149 | 4,894 |
| Northeast | 770 | 790 | 800 | -13.5 | 825 | 863 | 848 |
| Midwest | 1,020 | 1,090 | 1,060 | -22.7 | 1,076 | 1,168 | 1,128 |
| South | 1,850 | 1,950 | 1,970 | -14.4 | 1,861 | 1,907 | 1,857 |
| West | 1,170 | 1,170 | 1,260 | -10.0 | 1,155 | 1,214 | 1,062 |
| Single-Family Sales | 4,240 | 4,380 | 4,440 | -15.4 | 4,311 | 4,559 | 4,337 |
| Median Price, Total, ($, NSA) | 166,500 | 161,100 | 159,800 | -4.6 | 172,442 | 172,742 | 197,233 |
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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