2018 Economic Calendar
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Existing Home Sales  
Released On 9/20/2018 10:00:00 AM For Aug, 2018
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.340 M5.360 M5.290 M to 5.460 M5.340 M
Existing Home Sales - M/M Change-0.7 %0.0 %
Existing Home Sales - Yr/Yr Change-1.5 %-1.5 %

Highlights
Existing home sales miss Econoday's consensus for a fifth month in a row, coming in at a 5.340 million annualized rate in August which is unchanged from July and compared with expectations for 5.360 million. In what could be considered good news in today's report, the zero change marks an end to four prior months of slowing.

Both single-family homes, at a 4.750 million rate, and condos at 590,000 are unchanged in August's data. Year-on-year total sales are down 1.5 percent with single-family homes down 1.0 percent and condos 4.8 percent lower.

Zeros are wild in today's report with supply on the market also unchanged, at 1.920 million. On a sales basis, supply is unchanged at 4.3 months for a third month in a row.

Sellers were offering discounts in the month with the median price down 1.7 percent to $264,000. Year-on-year, the median is up 4.7 percent which looks rich compared to the yearly decline in sales.

Regional sales data show another bad month for the West, down 5.9 percent in August, and a 7.6 percent gain for the Northeast. On the year, the West brings up the rear at minus 7.4 percent with the South in front but at only a 1.8 percent gain.

However strong the economy and stock market are, the nation's housing sector is not participating which is a negative for household wealth. New home sales for August, to be released Wednesday, will be a highlight of next week's calendar.

Consensus Outlook
Expected to end four straight months of slowing, existing home sales are seen rising but only modestly, to a consensus 5.360 million annualized rate vs July's very disappointing 5.340 million. Resales of both single-family homes and condos have been showing similar weakness.

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.  Why Investors Care
 
[Chart]
Mortgage rates are considered a key variable for housing demand with higher rates holding down sales and lower rates stimulating sales. The Federal Reserve's quantitative easing program, including the direct purchase of mortgage-backed securities (10/25/08-10/31/14), helped limit the rise in mortgage rates and was a positive factor for home sales. The rate shown is for 30- year conventional mortgages.
Data Source: Haver Analytics
 
 

2018 Release Schedule
Released On: 1/242/213/214/235/246/207/238/229/2010/1911/2112/19
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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