2018 Economic Calendar
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Existing Home Sales  
Released On 5/24/2018 10:00:00 AM For Apr, 2018
PriorConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.600 M5.600 M5.480 M to 5.640 M5.460 M
Existing Home Sales - M/M Change1.1 %-2.5 %
Existing Home Sales - Yr/Yr Change-1.2 %-1.4 %

Highlights
Yesterday's new home sales report showed less strength than expected while today's existing home sales results are outright disappointing. Sales fell 2.5 percent in April to an annualized rate of 5.460 million which falls below Econoday's low estimate.

The decline in sales came despite a sizable increase in supply on the market, at 1.800 million for a monthly gain of 9.8 percent though the year-on-year rate remains squarely in the negative column at minus 6.3 percent. On a sales basis, supply rose to 4.0 months from 3.5 months.

The median price for a resale rose 3.2 percent in the month to $257,900 which no doubt held down the month's sales. But the year-on-year rate for the median, in contrast to FHFA or Case-Shiller data which are near 7 percent, is a more moderate 5.3 percent.

All regions were weak in the month especially the Northeast where sales fell 4.4 percent. And only one region, the South, is in the year-on-year plus column and at only 2.2 percent.

Housing got off to a slow start this year and the first indications on the second quarter are not pointing to any acceleration. Housing, like consumer spending, has been unexpectedly flat.

Consensus Outlook
At a consensus annualized rate of 5.600 million, existing home sales in April are expected to hold onto the strong gains in March and February. Recent gains aside, resale trends have been flat with year-on-year readings still in the negative column.

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]
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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