2013 Economic Calendar
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Existing Home Sales  
Released On 6/20/2013 10:00:00 AM For May, 2013
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR4.97 M4.97 M5.00 M4.95 M to 5.07 M5.18 M
Existing Home Sales - M/M Change0.6 %0.6 %4.2 %
Existing Home Sales - Yr/Yr Change9.7 %12.9 %

The home resale market is surging right, up 4.2 percent to an annual sales rate of 5.18 million which is the highest since the home stimulus credits of late 2009. The gain is very convincing and is centered in the key single-family home category which is up 5.0 percent in the May report on top of a 1.2 percent gain in April.

Price data are striking, once again showing major gains underway. The median price is up 8.4 percent in May alone, to a recovery best $208,000. The average price, at $255,300, is up 5.6 percent in the month. Year-on-year gains are 15.4 percent for the median price and 11.2 percent for the average. These price data are not derived from repeat transactions and are subject to substantial volatility, but the gains are outstanding nevertheless.

Lack of supply is a key factor behind the price surge. Supply did come into the market in May, totaling 2.22 million homes for sales vs 2.15 million in April, but declined relative to the surging sales rate. Supply measured against sales is at 5.1 months vs 5.2 months in April in a reading that points to further price strength for the June report.

All regions show gains in the month in yet another detail that points to a very strong pivot higher for the housing market which really hit stride this spring. Home sales and housing prices are living up to their billing as the year's key economic stories.

Consensus Outlook
Existing home sales in April gained 0.6 percent, following slippage of 0.2 percent the prior month. The April sales pace at an annual rate of 4.97 million is the highest for the recovery and the highest since November 2009. Sales of single-family homes, the most important component in the report, rose 1.2 percent in the month. Supply, which had been very tight, poured into the market during April with 230,000 units added to lift the months' supply to 5.2 from 4.7 months in March. The median time for a house on the market fell dramatically, to 46 days versus 62 days in March. Prices continued to improve. After jumping 6.2 percent in March, the median price rose another 4.8 percent in April to $192,800 which is the highest level of the recovery. Note that price data in this report, which are not based on repeat transactions, are often volatile.

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
Existing home sales reached a peak in mid-2005. Sales have picked up during the recovery-- especially has the Fed has used quantitative easing to lower mortgage rates. Mortgage rate shown is rate on 30-year conventional mortgages.
Data Source: Haver Analytics

2013 Release Schedule
Released On: 1/222/213/214/225/226/207/228/219/1910/2111/2012/19
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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