2017 Economic Calendar
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Existing Home Sales  
Released On 7/24/2017 10:00:00 AM For Jun, 2017
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.620 M5.580 M5.500 M to 5.690 M5.520 M
Existing Home Sales - M/M Change1.1 %-1.8 %
Existing Home Sales - Yr/Yr Change2.7 %0.7 %

Highlights
The slip in pending home sales was no false signal as existing home sales fell 1.8 percent in June to a lower-than-expected annualized rate of 5.520 million. Year-on-year, sales are still in the plus column but not by much, at 0.7 percent which is the lowest reading since February.

Compared to sales, prices are rich with the median of $263,800 up 6.5 percent from a year ago. Another negative for sales is supply which fell 0.5 percent in the month to 1.96 million for an on-year decline of 7.1 percent. Relative to sales, supply is at 4.3 months vs 4.2 months in May.

High prices appear to be keeping first-time buyers out of the market with the group representing 32 percent of sales vs 33 percent in May and 35 percent for all of last year.

Rising prices and thin supply, not to mention low wages, are offsetting favorable mortgage rates and holding down sales. Housing data have been up and down and unable to find convincing traction so far this year. Watch for new home sales on Wednesday where general strength is the expectation.

Recent History Of This Indicator
Existing home sales did rebound in May but pending sales, which track initial contract signings, fell 0.8 percent in the month. Forecasters see final sales in June slipping to a 5.580 million annualized rate vs May's 5.620 million in what would wind up a soft Spring selling season. Still, trends in this report continue to slope modestly higher, both for single-family and condos. Definite positives in the data are firming prices and rising supply.

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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