2017 Economic Calendar
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Existing Home Sales  
Released On 10/20/2017 10:00:00 AM For Sep, 2017
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.350 M5.300 M5.100 M to 5.400 M5.390 M
Existing Home Sales - M/M Change-1.7 %0.7 %
Existing Home Sales - Yr/Yr Change0.2 %-1.5 %

Existing home sales posted their first gain in four months, rising 0.7 percent in September to a 5.390 million annualized rate that is near Econoday's top forecast. Hurricane effects are hard to gauge with the National Association of Realtors reporting that sales in Florida were down substantially though sales in Houston have already recovered.

The sales gain came at a price discount as the median fell 3.2 percent to $245,100 for what is still, however, a respectable 4.2 percent year-on-year gain. Supply is still very tight, at 1.900 million resales on the market which makes for a useful 1.6 percent gain though the yearly rate is down 6.4 percent. On a sales basis, supply is unchanged at only 4.2 months.

Sales in the South fell 0.9 percent in September and follow August's 5.7 percent decline. These may be hurricane effects but they're not overly substantial given mixed readings in other regions. All regions are either slightly lower to flat year-on-year.

And overall sales are flat, down 1.5 percent compared to September last year. Yet this report is positive for what is a lukewarm housing sector. Watch for sales of new homes and pending sales of existing homes on next week's calendar.

Consensus Outlook
Weakness in the Harvey-hit region of the South pulled down existing home sales by 1.7 percent to a 5.350 million annualized rate though sales in the West were also weak. Price strength has been slowing though supply of available homes on the market has remained very tight. The National Association of Realtors warned in the last report that hurricane effects could slow resales through the remainder of the year. Forecasters see September's results, a month hit by Hurricane Irma's strike on Florida, coming in a bit lower at 5.300 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.  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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