Global| Feb 27 2013U.S. Pending Home Sales Recover To Highest Since 2010
by:Tom Moeller
|in:Economy in Brief
Summary
Pending sales of single-family homes jumped 4.5% (9.5% y/y) last month after a revised 1.9% December decline, according to the National Association of Realtors (NAR). Earlier figures were revised. The sales rebound in the aftermath of [...]
Pending sales of single-family homes jumped 4.5% (9.5% y/y) last
month after a revised 1.9% December decline, according to the National
Association of Realtors (NAR). Earlier figures were revised. The sales
rebound in the aftermath of the removal in 2010 of the home buyers tax
credit has raised home sales by more than one-third from the low.
The jump in sales last month spread across the country. It was led by an 8.2% rise (10.6% y/y) in sales in the Northeast. Sales in the Midwest rose 4.5% (17.7% y/y) and sales in the South increased 5.9% (11.3% y/y). Sales in the West lagged with a 0.1% uptick and were down 1.5% y/y.
Pending home sales figures are analogous to the new home sales data from the Commerce Department in that they measure existing home sales when the sales contract is signed, not at the time the sale is closed. The series dates back to 2001 and the data are available in Haver's PREALTOR database.
| Pending Home Sales (2001=100) | Jan | Dec | Nov | Y/Y% | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total | 105.9 | 101.3 | 103.3 | 9.5 | 100.3 | 90.2 | 89.1 |
| Northeast | 84.8 | 78.4 | 81.1 | 10.6 | 79.1 | 67.9 | 70.9 |
| Midwest | 105.0 | 100.5 | 100.2 | 17.7 | 95.9 | 81.5 | 79.8 |
| South | 119.3 | 112.7 | 115.9 | 11.3 | 110.7 | 98.3 | 97.0 |
| West | 102.1 | 102.0 | 104.0 | -1.5 | 105.0 | 104.1 | 100.7 |
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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