2015 Economic Calendar
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Existing Home Sales  
Released On 8/20/2015 10:00:00 AM For Jul, 2015
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.49 M5.48 M5.40 M5.30 M to 5.60 M5.59 M
Existing Home Sales - M/M Change3.2 %3.0 %2.0 %
Existing Home Sales - Yr/Yr Change9.6 %10.3 %

Highlights
There's plenty of life in the housing sector with existing home sales up a stronger-than-expected 2.0 percent in July to a 5.59 million annual rate. And demand is well ahead of supply which is very thin, at 4.8 months at the current sales rate vs 4.9 and 5.1 in the two prior months and 5.6 months in July last year. Sales are up 10.3 percent year-on-year, well ahead of the median price which, at $234,000, is up 5.6 percent. This mismatch, especially with thin supply, hints at pricing power ahead.

Single-family homes lead the report, up 2.7 percent in the month at a 4.960 million annual rate. Condos, where demand on the new home side is soaring, actually fell 3.1 percent in the month to a 630,000 rate. Year-on-year, sales of single-family homes are up 11.0 percent with condos at plus 5.0 percent.

By region, July's strength is centered in the South with a gain of 4.1 percent. The West follows at plus 3.2 percent with the Midwest unchanged and the Northeast down 2.8 percent. Year-on-year, sales are very evenly balanced with all right at the 10 percent mark.

The balance of this report is impressive, pointing to a rising tide of strength across housing which, given spotty performances by the factory and consumer sectors, looks to be the leading driver for the second-half economy.

Recent History Of This Indicator
Existing home sales surged 3.2 percent to an 8-year high in June and are expected to ease back 1.6 percent to a 5.40 million annual rate. Prices in this report have been strong, reflecting a scarcity of available homes for sale and pointing to a seller's market.

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
 
 

2015 Release Schedule
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