2018 Economic Calendar
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Existing Home Sales  
Released On 7/23/2018 10:00:00 AM For Jun, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.430 M5.410 M5.440 M5.350 M to 5.520 M5.380 M
Existing Home Sales - M/M Change-0.4 %-0.7 %-0.6 %
Existing Home Sales - Yr/Yr Change-3.0 %-3.4 %-2.2 %

Highlights
Existing home sales have been flat and results for June are on the low end of expectations, at a 5.380 million annualized rate for a 0.6 percent decline from May's 5.410 million. Year-on-year sales in June were down 2.2 percent.

For home sellers, the good news in the report is strength in prices, up 4.5 percent for the median to $276,900 and a 5.2 percent year-on-year gain. For buyers, the good news is a 4.3 percent rise in the number of homes on the market, at 1.950 million and, relative to sales, a gain to 4.3 months from 4.1 months.

Yet the sales results are nevertheless very soft with only the South, at a mere 0.4 percent, in the year-on-year plus column. Watch for new home sales on Wednesday which have been doing better than resales though a fractional decline is Econoday's consensus.

Consensus Outlook
Existing home sales have been soft this Spring selling season, coming in below Econoday's consensus range in both April and May. But the number of homes on the market has been on the rise which should help sales in June. But forecasters aren't calling for much strength, at a consensus 5.440 million annualized rate in June vs 5.430 million in May.

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.  Why Investors Care
 
[Chart]
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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