Existing home sales tally the number of previously constructed homes, condominium 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
| Released on 5/23/08 For Apr 2008 | ||||||||
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Existing home sales remain depressed, dropping 2.0 percent in March to a 4.93 million annual rate. Excess supply remains an unwelcome albatross hanging around the industry's neck and even worsened to 9.9 months from 9.6 months in February. Bloated supply continues to keep home prices depressed, although prices did edge up 2.5 percent in the latest month to a median $200,700 for a year-on-year decline 7.7 percent.
Existing home sales Consensus Forecast for April 08: 4.85 million-unit rate
Range: 4.75 to 4.93 million-unit rate
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Existing home sales reached a peak in mid-2005 and have been easing since. Typically, a distinct reverse relationship exists between home sales and mortgage rates. |
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