Global| Dec 28 2012U.S. Pending Home Sales Up More in November
Summary
Pending sales of existing single-family homes, condos and co-ops gained another 1.7% (9.8% y/y) last month after a slightly revised 5.0% October rise, according to the National Association of Realtors (NAR). The latest figure joined [...]
Pending sales of existing single-family homes, condos and co-ops gained another 1.7% (9.8% y/y) last month after a slightly revised 5.0% October rise, according to the National Association of Realtors (NAR). The latest figure joined other measures of home sales and prices in showing renewed firmness in the housing market; it was the highest since April 2010. That 2010 month itself was boosted by a home-buyer tax credit; the NAR press release points out that apart from several months in that period when sales were supported by tax stimulus, this latest volume is the largest since February 2007.
Sales were mixed regionally, with gains in the Northeast, 5.2% m/m, and West, 4.2%, both reversing declines in those regions in October and offsetting November sluggishness in the Midwest (+0.1%) and South (unchanged). Those latter regions had strong gains in October, however.
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 date back to 2001 and the data are available in Haver's PREALTOR database.
| Pending Home Sales (2001=100) | |||||||
|---|---|---|---|---|---|---|---|
| Nov | Oct | Sep | Y/Y % | 2011 | 2010 | 2009 | |
| Total | 106.4 | 104.6 | 99.6 | 9.8 | 90.3 | 89.2 | 94.7 |
| Northeast | 83.3 | 79.2 | 79.3 | 15.2 | 68.0 | 70.9 | 76.8 |
| Midwest | 103.8 | 103.7 | 90.3 | 15.2 | 81.6 | 79.9 | 88.9 |
| South | 117.2 | 117.2 | 111.2 | 13.9 | 98.3 | 97.0 | 98.4 |
| West | 110.1 | 105.7 | 106.9 | -3.2 | 104.2 | 100.8 | 109.2 |
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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