2018 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

Existing Home Sales  
Released On 2/21/2018 10:00:00 AM For Jan, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.570 M5.560 M5.650 M5.480 M to 5.700 M5.380 M
Existing Home Sales - M/M Change-3.6 %-2.8 %-3.2 %
Existing Home Sales - Yr/Yr Change1.1 %0.7 %-4.8 %

An uptick in supply and lower prices failed to boost existing home sales in January, which unexpectedly fell 3.2 percent versus the marginally downward revised December level to an annualized rate of 5.380 million, well below the consensus estimate of 5.650 million and the lowest rate for January since 1999. Year-on-year, home resales were down 4.8 percent, the largest decline since August 2014.

Though lack of supply continued to hamper sales volumes, supply in January's market increased 4.1 percent from December's level to 1.520 million homes. While this is down 9.5 percent from January last year, inventory rose from December's 3.2 months, a 19-year low, to 3.4 months. Still, lack of choice remains a serious problem for the resale market.

But prices softened considerably in January, which won't be drawing new homes onto the market. The median selling price fell by a sharp 2.4 percent to $240,500 for a year-on-year increase of 5.8 percent.

Sales were down compared to December in all four regions of the country, with declines most pronounced in the Midwest, down 6.0 percent, and the West, down 5.0 percent.

While existing home sales tend to be volatile, the softness in today's report may cast some doubt on housing strength indicated by last week's report of a surge in permits to the best level of the expansion.

Consensus Outlook
Existing home sales have been choppy but did finish 2017 on the uptrend. But the number of homes for sale are at a 19-year low which should limit January's sales results. Against December's 5.570 million annualized rate, a 5.650 million rate is January's consensus.

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
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

powered by  [Econoday]