2017 Economic Calendar
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Existing Home Sales  
Released On 2/22/2017 10:00:00 AM For Jan, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.490 M5.510 M5.575 M5.450 M to 5.630 M5.690 M
Existing Home Sales - M/M Change-2.8 %-1.6 %3.3 %
Existing Home Sales - Yr/Yr Change0.7 %3.8 %

Existing home sales lagged sales of new homes throughout 2016, but the resale market opens 2017 on a very strong note. Existing home sales jumped 3.3 percent in January to a 5.690 million rate that is well beyond Econoday's 5.580 million consensus. January's rate is the very best of the economic cycle, since the end of the prior cycle in February 2007.

Single-family homes are the key component of the report and results here are nearly as strong as the headline, up 2.6 percent in the month at a 5.040 million rate. Condos are the second component and they are especially strong, up 8.3 percent in the month to a 650,000 rate. Year-on-year, condo sales are up 4.8 percent vs 3.7 percent for single-family homes and vs 3.8 percent for total resales.

The strength of January came despite a very thin selection, at 1.690 million single-family homes and condos on the market which, at January's sales rate, comes out to only 3.6 months of supply which is unchanged from December. But the thin supply is not driving up prices which points to seller concessions. The median price fell 1.9 percent in the month to $228,900 which, however, is strong relative to last January for a 7.1 percent gain.

Other details are in trend including a 7 percent share for distressed sales, a 23 percent share for all cash sales, and a constructive 33 percent rate for first time buyers. Regional sales data show the West out in front at an 8.4 percent year-on-year gain with the Midwest the only one in the negative column at minus 1.5 percent.

Lack of supply is a risk for further gains in existing home sales which otherwise are beginning to trend higher. Watch for the FHFA house price index on tomorrow's calendar followed on Friday by new home sales, both of which are also expected to show strength.

Consensus Outlook
Amid unusually low supply in the market, existing home sales have continued to struggle, trending only modestly higher. But the advance indication on this report (pending home sales) rose sharply and forecasters see a strong gain in January to a 5.580 million rate, up 1.6 percent from Decembers 5.490 million.

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
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

2017 Release Schedule
Released On: 1/242/223/224/215/246/217/248/249/2010/2011/2112/20
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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