2018 Economic Calendar
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Existing Home Sales  
Released On 3/21/2018 10:00:00 AM For Feb, 2018
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.380 M5.420 M5.300 M to 5.620 M5.540 M
Existing Home Sales - M/M Change-3.2 %3.0 %
Existing Home Sales - Yr/Yr Change-4.8 %1.1 %

A jump back higher for single-family homes leads a positive existing home sales report for February. Total sales rose 3.0 percent to a higher-than-expected 5.540 million annualized rate to lift the year-on-year rate out of the negative column to plus 1.1 percent.

Sales of single-family homes rose 4.2 percent in the month to a 4.960 million rate with this yearly reading at plus 1.8 percent. This offsets continued weakness for condo sales which fell a sharp 6.5 percent in the month for a year-on-year minus 4.9 percent.

But the message of today's report is definitely positive including a 4.6 percent rise in supply to 1.590 million. Yet on a sales basis supply, reflecting February's strong gain in sales, is unchanged at a very thin 3.4 months.

The gain in sales didn't come at the expense of prices where the median rose 0.4 percent to $241,000 for a 5.9 percent increase from this time last year. Regional sales data show monthly gains for the West and South, the two leading regions for resales, and declines for the Midwest and Northeast.

Home sales are struggling to move higher, held down by lack of choice for buyers and also high prices. Rising mortgage rates are another negative factor. New home sales will be posted on Friday with a gain expected.

Consensus Outlook
Existing home sales have been slowing and any rebound looks to be contained based on pending sales which are down sharply. Supply of resales on the market is very thin and a stubborn and increasing obstacle to sales growth. Econoday's consensus for February is a 5.420 million annualized rate which would be up from January's disappointing 5.380 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

2018 Release Schedule
Released On: 1/242/213/214/235/246/207/238/229/2010/1911/2112/19
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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