2017 Economic Calendar
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Existing Home Sales  
Released On 5/24/2017 10:00:00 AM For Apr, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.710 M5.700 M5.650 M5.530 M to 5.800 M5.570 M
Existing Home Sales - M/M Change4.4 %4.2 %-2.3 %
Existing Home Sales - Yr/Yr Change5.9 %5.8 %1.6 %

Highlights
In the latest bad news for April housing, existing home sales fell 2.3 percent in the month following similar weakness in yesterday's new home sales report and last week's housing starts data. But April's 5.570 million annualized rate for resales is still near recovery highs though the year-on-year rate reveals how moderate conditions are, up only 1.6 percent.

The report's two components fell in the month, down 2.4 percent for single-family homes to a 4.950 million rate and down 1.6 percent for condos to a 0.620 million rate. The 1.6 percent reading is wild in this report with both single-family homes and condos at a year-on-year 1.6 percent.

But there are positives in the report including prices where the median rose 3.5 percent to $244,800 for a 6.0 percent year-on-year gain that, however, looks rich relative to sales but is tracking right at separate data compiled by FHFA and Case-Shiller. Supply, which has been very depressed, is also another positive, up 7.2 percent in the month to 1.930 million on the market. Sales relative to supply improved to 4.2 months from 3.8 in both March and February.

Regional separation in April's data is marginal with the Midwest leading at a monthly gain of 3.8 percent and the South behind at minus 5.0 percent. But the South does lead the year-on-year list, at plus 3.6 percent with the Northeast at the tail-end with a 2.7 percent decline.

The Spring selling season has gotten off to a slow start for the housing sector, a likely reflection of consumer caution and pointing perhaps to less strength than expected for the second-quarter economy.

Recent History Of This Indicator
Resales flattened out late last year at the 5.550 million level but have been moving higher in recent reports, to a 5.710 million annualized rate in March and a 10-year high. Prices are rising and days on the market are falling, both consistent with a market that is heating up. April's consensus for existing home sales is 5.650 million.

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
 
 

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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