Global| Nov 21 2019U.S. Existing Home Sales Rise, But Are Mixed by Region
Summary
The National Association of Realtors (NAR) reported that sales of existing homes rose 1.9% (+4.6% y/y) during October to 5.460 million from 5.36 million in September, revised from 5.380 million. The Action Economics Forecast Survey [...]
The National Association of Realtors (NAR) reported that sales of existing homes rose 1.9% (+4.6% y/y) during October to 5.460 million from 5.36 million in September, revised from 5.380 million. The Action Economics Forecast Survey expected September sales of 5.49 million.
The median price of all existing homes sold edged down 0.2% (+6.2% y/y) to $270,900. The average sales price rose 0.1% (+4.7% y/y) last month to $307,800. These price data are not seasonally adjusted.
Existing home sales were mixed around the country in October. They increased noticeably in the South, by 4.4% (+7.8% y/y) to 2.350 million, reversing a 3.4% decrease in September. They were also up in the Midwest in October, rising 1.6% (2.4% y/y) to 1.290 million, more than reversing a 3.1% fall the month before. Month-to-month declines came in the Northeast in October, 1.4% (unchanged y/y) to 690,000, the same size fall as in September, and also in the West, 0.9% (+3.7% y/y) to 1.130 million, also the same size fall as in September.
Sales of existing single-family homes rose 2.1% (+5.4% y/y) to 4.870 million units after declining 2.9% in September. Sales of condos and co-ops were unchanged at 590,000 units (-1.7% y/y).
The number of homes on the market declined 4.3% y/y. The months' supply of homes on the market decreased m/m to 3.9 from 4.1; there is some seasonality in this measure, and on a year-to=year basis it compares to 4.3 months in October 2018.
The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.
| Existing Home Sales (SAAR, 000s) | Oct | Sep | Aug | Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 5,460 | 5,360 | 5,500 | 4.6 | 5,341 | 5,531 | 5,437 |
| Northeast | 690 | 700 | 710 | 0.0 | 689 | 735 | 733 |
| Midwest | 1,290 | 1,270 | 1,310 | 2.4 | 1,265 | 1,301 | 1,297 |
| South | 2,350 | 2,250 | 2,330 | 7.8 | 2,246 | 2,270 | 2,215 |
| West | 1,130 | 1,140 | 1,150 | 3.7 | 1,141 | 1,225 | 1,192 |
| Single-Family | 4,870 | 4,770 | 4,910 | 5.4 | 4,742 | 4,907 | 4,822 |
| Median Price Total ($, NSA) | 270,900 | 271,500 | 278,900 | 6.2 | 257,267 | 245,950 | 232,067 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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