2018 Economic Calendar
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Existing Home Sales  
Released On 6/20/2018 10:00:00 AM For May, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.460 M5.450 M5.500 M5.440 M to 5.650 M5.430 M
Existing Home Sales - M/M Change-2.5 %-2.7 %-0.4 %
Existing Home Sales - Yr/Yr Change-1.4 %-1.6 %-3.0 %

The new home market is on the rise in sharp contrast to the resale market which is flat at best. Existing home sales slipped 0.4 percent in May to a lower-than-expected 5.430 million rate and a year-on-year decline of 3.0 percent. Part of the lack of sales traction may be due to prices which, in contrast to the decline in sales, rose 2.7 percent in the month to a record $264,800 for a year-on-year gain of 4.9 percent. Supply improved in the month but remains thin, up 2.8 percent to 1.850 million units on the market with supply relative to sales at 4.1 months vs 4.0 months in April.

The resale market remains a dead weight and is limiting the housing sector's contribution to overall economic growth. In regional data, the Northeast popped higher in the month but remains the weakest resale region at an 11.7 percent yearly decline with the West at minus 4.1 percent and the Midwest at minus 2.3 percent. Sales in the South, which is by far the largest resale market, are unchanged on the year.

Consensus Outlook
Existing home sales fell below Econoday's low estimate in April and a sizable bounce back is expected in May, to a consensus annualized rate of 5.500 million vs April's 5.460 million. Even with a better showing, resales have been stubborn and weak as April's year-on-year rate was in the minus column at negative 1.4 percent.

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
Mortgage rates are considered a key variable for housing demand with higher rates holding down sales and lower rates stimulating sales. The Federal Reserve's quantitative easing program, including the direct purchase of mortgage-backed securities, has helped limit the rise in mortgage rates and has been a positive factor for home sales. The rate shown is for 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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