Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family home sales slipped 1.4 percent in February following larger declines of 16.6 percent in December and 6.9 percent in January. As a result, the annual sales pace sagged further to 4.37 million units, its lowest pace since last June, and the 12-month growth rate slowed from 8.6 percent to 4.3 percent. While 12-month growth has been positive for nine consecutive months, the series has slowed tremendously since reaching its recent peak in November of 41.3 percent. Inventory of existing single-family homes rose to 2.99 million units, representing an 8.2-month supply at the current sales pace, up from a 7.6-month supply in January. The median home price was $164,300 in February, down 2.1 percent from February 2009. Lawrence Yun, chief economist at the National Association of Realtors, comments that “although (total) sales have been higher than year-ago levels for eight straight months and home prices are much more stable compared to the past few years, the housing recovery is fragile at the moment. If we see a surge in home buying comparable to last fall in the months leading up to the original tax credit deadline, then enough inventory should be absorbed to ensure a broad home price stabilization.”