2016 Economic Calendar
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Existing Home Sales  
Released On 8/24/2016 10:00:00 AM For Jul, 2016
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.570 M5.520 M5.420 M to 5.650 M5.39 M
Existing Home Sales - M/M Change1.1 %-3.2 %
Existing Home Sales - Yr/Yr Change3.0 %-1.6 %

Prices are coming down but sales aren't going up, at least not in July. Sales of existing homes slowed to a 5.39 million annualized rate which is under low-end expectations and down 3.2 percent on the month. The year-on-year rate has been slowing and is suddenly under water at minus 1.6 percent.

The median price fell 1.4 percent to $244,100 with the year-on-year rate a little less respectable at plus 5.3 percent, a rate roughly consistent with this morning's FHFA house price report where slowing is also the theme.

Single-family sales are not a plus in today's report but they are compared to condo sales. Single-family home sales fell 2.0 percent to a 4.82 million rate with condo sales down a very sharp 12.3 percent to a 570,000 rate. Year-on-year, single-family home sales are in the negative column but not by much, at minus 0.8 percent vs an 8.1 percent decline for condos.

Weakness in sales is a plus at least for supply which is still very thin and a key factor holding down sales. Supply on the market rose to 2.13 million from 2.11 million in June with supply relative to sales at 4.7 months vs June's 4.5 months.

Pending home sales have been weak which limits the surprise of today's report. Yet today's report does take some shine off yesterday's sales surge for new homes. Still, lower prices together with higher supply are pluses for existing home sales ahead.

Consensus Outlook
Sales of existing homes are expected to fall back from June's cycle high at a 5.570 million annualized rate to a 5.520 rate. Pending home sales data, which track contract signings, have been very soft and are not pointing to any strength for this report which tracks closings. Home sales have been choppy yet still solid this year though a step back for this report would hint at slowing through the second half.

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 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

2016 Release Schedule
Released On: 1/222/233/214/205/206/227/218/249/2210/2011/2212/21
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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