Keeping you up to date on the latest data releases.
- Existing Home Sales
In line with expectations, existing single-family home sales rose 7.4 percent in August on the heels of three progressively larger declines, spanning May to July. August’s increase, while a welcome turnaround, stands small next to the magnitude of July’s 27.4 percent nosedive. The annual sales pace rose from 3.37 million units in July to 3.62 million in August, still 19.2 percent below the pace in August 2009 and not far off a fifteen-year low. National Association of Realtors chief economist, Lawrence Yun, describes the current housing market as subpar, as it is struggles to recover without the support of the home buyer tax credit. “Despite very attractive affordability conditions,” he adds, “a housing market recovery will likely be slow and gradual because of lingering economic uncertainty.” Inventory of existing single-family homes for sale crept up by 1.5 percent in August, yet months’ supply of homes on the market managed to relax slightly, from 11.9 months to 11.3, due to the pickup in sales. This small drop in months’ supply is hardly cause for celebration, though, because an 11.3-month backlog is still higher than any other month since June 1985. The median price for existing single-family homes sagged 2.0 percent during the month of August but appears to have begun stabilizing, as prices are up 1.2 percent over the past year.