2017 Economic Calendar
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Existing Home Sales  
Released On 11/21/2017 10:00:00 AM For Oct, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.390 M5.370 M5.440 M5.320 M to 5.560 M5.480 M
Existing Home Sales - M/M Change0.7 %0.4 %2.0 %
Existing Home Sales - Yr/Yr Change-1.5 %-1.8 %-0.9 %

Highlights
Existing home sales proved stronger-than-expected in October, up 2.0 percent to a 5.480 million annualized rate. Strength shows for both single-family resales, up 2.1 percent to a 4.870 million rate and up 1.7 percent for condos to a 610,000 rate.

Discounting was limited in October with the price median down only 0.2 percent to $247,000 for 5.5 percent year-on-year appreciation. Supply is yet again a negative for resales, falling 3.2 percent to 1.800 million homes on the market. On a sales basis, supply is at a very thin 3.9 months following five straight readings at 4.2 months.

Regional sales data show a sweep of gains led by the Northeast, up 4.2 percent which follows a surprise September burst in this region for sales of new homes. Hurricane effects have been limited in the housing sector but do include a 1.9 percent October rebound in the South following contraction in September and especially August. Sales in the West rose 2.4 percent in October with the Midwest up 0.8 percent. Yet the annual rate for total sales, at minus 0.9 percent, is a reminder that housing still has a ways to go.

The pending home sales index, which tracks initial resale signings, has been flat to negative which adds to the positive surprise of today's report. Housing data struggled through most of the year and the lack of supply will continue to hold back resales, but recent reports have been good and do point to a year-end contribution from the sector.

Recent History Of This Indicator
Existing home sales have been modestly positive and rose 0.7 percent in September to a 5.390 million annualized rate. Hurricane effects have been hard to assess with Florida a negative for September but the Houston area turning around quickly and proving to be a positive. Forecasters see October's results showing another month of solid growth to 5.440 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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