Existing home sales

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2014 Economic Calendar
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Existing Home Sales Released On 9/22/2014 10:00:00 AM For Aug, 2014 Prior Prior Revised Consensus Consensus Range Actual Existing Home Sales - Level - SAAR 5.15 M 5.14 M 5.18 M 5.00 M to 5.27 M 5.05 M Existing Home Sales - M/M Change 2.2 % -1.8 % Existing Home Sales - Yr/Yr Change -4.5 % -5.3 % Highlights In the latest disappointment out of the housing sector, existing home sales fell back 1.8 percent in August to a lower-than-expected annual rate of 5.05 million vs the Econoday consensus for 5.18 million. Year-on-year, sales are down 5.3 percent, a bit more steep than minus 4.5 percent in the prior month. Limited supply has been a major factor holding down sales with supply on the market falling 40,000 homes in the month to 2.31 million. Supply relative to sales, at 5.5 months, held unchanged reflecting August's sales dip. Prices have been flat the last six months, down 0.8 percent in August to a median $219,800. Year-on-year, the median is little changed at plus 4.8 percent. Looking at regional sales data, August's weakness was centered in the West, down 6.0 percent, followed by the largest housing region which is the South, down 4.2 percent. The Northeast, which is the smallest region, shows a 4.7 percent gain with the Midwest up 2.5 percent. Held back by the soft jobs market and a shortage of first-time buyers, housing remains a lagging sector for the economy. A lack of distressed sales on the market, at a recovery low of 8 percent in August's sales data, is a hidden factor holding back sales. Markets are showing little reaction to today's report. Watch for new home sales on the Econoday calendar on Wednesday. Recent History Of This Indicator Existing home sales in July advanced 2.4 percent to an annualized pace of 5.15 million units. June rose a revised 2.4 percent to a marginally downwardly revised 5.03 million. July sales were down 4.3 percent on a year-ago basis. July's figure puts existing home sales back at the pace last seen in October 2013 before atypically adverse winter weather undercut sales. For the latest month, strength was in the single-family component which gained 2.7 percent to 4.55 million annualized. Condos were unchanged at 0.60 million. Supply on the market actually rose faster than sales-up 3.5 percent in July to 2.37 million units. Months' supply, however, was steady at 5.5 months. Definition Existing home sales tally the number of previously constructed homes, condominiums and co-ops in which a sale closed during the month. Existing homes (also known as home resales) account for a larger share of the market than new homes and indicate housing market trends. (National Association of Realtors)  Why Investors Care   Existing home sales reached a peak in mid-2005. Sales picked up during the recovery until a slower economy cut into sales in late 2013 and early 2014. But over much of the recovery, lift came from the Fed's quantitative easing to lower mortgage rates. Mortgage rate shown is rate on 30-year conventional mortgages. Data Source: Haver Analytics       2014 Release Schedule Released On: 1/23 2/21 3/20 4/22 5/22 6/23 7/22 8/21 9/22 10/21 11/20 12/22 Release For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov   Share this page 4 Legal Notices | ©Copyright 1998-2014 Econoday, Inc.  powered by