2018 Economic Calendar
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Existing Home Sales  
Released On 8/22/2018 10:00:00 AM For Jul, 2018
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.380 M5.420 M5.390 M to 5.509 M5.340 M
Existing Home Sales - M/M Change-0.6 %-0.7 %
Existing Home Sales - Yr/Yr Change-2.2 %-1.5 %

Highlights
Housing is the one sector of the economy not showing any life. Existing home sales managed only a 5.340 million annualized rate in July, missing Econoday's consensus of 5.420 million for a 0.7 percent dip from June and the fourth decline in a row. This is the lowest rate in 2-1/2 years. Year-on-year, resales are down 1.5 percent.

Both single-family homes and condos show similar weakness, the former down 0.2 percent on the month and down 1.2 percent on the year at a 4.750 million rate. Condo resales, at a 590,000 rate, fell 4.8 percent on the month and are down 3.3 percent on the year. All regions show similar declines on the year with the West posting the only monthly gain in July, at 4.4 percent.

Supply doesn't offer any relief either, down 0.5 percent to 1.920 million total resales on the market. Relative to sales, supply is unchanged at 4.3 months. And prices fell in the month, down a monthly 1.5 percent to $269,600 for a 4.5 percent yearly gain that stands in contrast to the yearly decline in sales in a comparison that doesn't point to price traction ahead.

Rising mortgage rates aren't a plus for housing and neither are construction constraints for labor and materials that are slowing the new home market where weakness bleeds into resales. Third-quarter GDP looks to be very solid but apparently won't be getting much lift from residential investment.

Consensus Outlook
Existing home sales have been flat and at the low end of expectations this year. But based on a rise in pending sales, forecasters see improvement for July, to a 5.420 million rate from 5.380 million in June.

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 (10/25/08-10/31/14), helped limit the rise in mortgage rates and was a positive factor for home sales. The rate shown is for 30-year conventional mortgages.
Data Source: Haver Analytics
 
 

2018 Release Schedule
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