Existing Home Sales
Released On 8/22/2012 10:00:00 AM For Jul, 2012
Prior Prior Revised Consensus Consensus Range Actual
Existing Home Sales - Level - SAAR 4.37 M 4.37 M 4.500 M 4.300 M to 4.650 M 4.47 M
Existing Home Sales - M/M Change -5.4 % -5.4 % 2.3 %
Existing Home Sales - Yr/Yr Change 4.5 % 10.4 %
Highlights
Existing home sales rebounded 2.3 percent in July to a 4.47 million annual rate in a gain that partially reverses a 5.4 percent decline in June. The annual rate hit its recovery peak in January this year as warm weather spurred counter-seasonal buying. The rate has since been choppy, but hopefully the July gain will be the beginning of a new upswing.
July's gain was fed by price concessions with the median price down 0.8 percent to $187,300. Note that the median price is being held down by underperformance of lower priced sales. But the year-on-year median rate, at plus 9.4 percent, is the best of the recovery and an indication of overall improvement for the market. Other details show sales gains in 3 of 4 regions with the West at no change.
Thin supply has been limiting sales in recent months and looks to be a continuing headwind. Supply relative to the sales rate is at 6.4 months, down from 6.5 months in June and compared against 9.3 months a year ago when distressed properties were flooding the market. In unit terms, unadjusted supply is 2.40 million units, up slightly from June's 2.37 million but down from May's 2.47 million.
Whether the housing sector is contributing to overall economic growth right now is up in the air. Data for new home sales, which fell back in June against an otherwise rising trend, will be posted tomorrow morning. |
发表于 2012-8-22 11:25
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