2017 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

Existing Home Sales  
Released On 4/21/2017 10:00:00 AM For Mar, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.480 M5.470 M5.605 M5.485 M to 5.800 M5.710 M
Existing Home Sales - M/M Change-3.7 %-3.9 %4.4 %
Existing Home Sales - Yr/Yr Change5.4 %5.9 %

Highlights
The resale market, after a period of steady sales, is now accelerating to new expansion highs. Existing home sales rose a very sharp 4.4 percent to a higher-than-expected annualized rate of 5.710 million. This is the best rate since February 2007. Both components show strength with single-family sales up 4.3 percent to a 5.080 million rate and condo sales up 5.0 percent to a 630,000 rate. And year-on-year sales are moving higher, up 5.9 percent divided between 6.1 percent for single-family homes and 5.0 percent for condos.

The month's gains aren't tied to concessions as the median price rose 3.6 percent to $236,400 for a year-on-year rate of 6.8 percent that matches well with the sales trend. Supply, up 5.8 percent in the month to 1.830 million, moved into the market but was absorbed by rising sales which kept supply relative to sales unchanged at 3.8 months. The lack of supply and heated sales pace are reflected in days on the market which are down to 34 from 45 in the prior month and 47 days a year ago.

Housing contributed to last year's economy but never kicked into top gear, which is what this report is hinting at. Watch on Tuesday's calendar next week for new home sales which in the previous month shot higher much like today's report.

Recent History Of This Indicator
Existing home sales have been trending steadily near the 5.550 million annualized rate for the last 4 reports, not showing much momentum but still holding at expansion highs. The breakdown shows single-family homes steady near 4.950 million and multi-family homes struggling to hold momentum near the low 600,000 rate. But a breakout may be in store based on the pending home sales index which surged to signal strength in final resales during the March and April period. Forecasters are calling for a significant gain to a consensus 5.605 million in April.

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
 
[Chart]
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
 
 

2017 Release Schedule
Released On: 1/242/223/224/215/246/217/248/249/2010/2011/2112/20
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


powered by  [Econoday]