|
Existing Home Sales
(Seasonally adjusted annual rate)
|
. |
|
|
 |
| MOST RECENT STATISTIC: |
|
|
|
| Annual Rate
(Seasonally adjusted) |
3,830,000 |
| Monthly (Not seasonally
adjusted) |
389,000 |
| Grade: |
F |
| PERIOD COVERED: |
July 2010 |
| Date Released: |
08/24/10 |
|
|
|
| Next Released: |
09/23/10 |
|
|
|
|
|
|
07/10 |
06/10 |
05/10 |
07/09 |
|
|
| Sales (SA) (MMs) |
3,830 |
5,260 |
5,660 |
5,140 |
|
| % Change |
- |
(27.2%) |
(32.3%) |
(25.5%) |
|
| Sales (NSA) (000s) |
389 |
555 |
526 |
532 |
|
| % Change |
- |
(29.9%) |
(26.0%) |
(26.9%) |
|
|
| Source:
National Association of Realtors |
Analysis for the Housing Market
By:Ken Lee
In July, the seasonally-adjusted annual sales rate of existing homes plunged 27.2% from June levels to 3,830,000 units. This is the largest one-month drop for existing home sales on record and the slowest annual rate of existing home sales since July 1995. This is also the third consecutive month that existing home sales have declined since the federal homebuyer tax credit expired in April. Sales are also down significantly from this time last year, falling 25.5% from July 2009 when the seasonally-adjusted annual sales rate stood at 5,140,000 units. Existing single-family home sales dropped 27.1% from last month to 3,370,000 units while condo and co-op sales fell 28.1% from June levels to 460,000 units.
All four regions across the country recorded significant monthly and annual drops in sales activity. The Midwest region experienced the steepest declines, plunging 35.0% from the previous month and down 33.3% from July of last year. The Northeast region experienced a 29.5% drop from June while falling 30.3% from the same year-ago period. Existing home sales in the West fell 25.0% from last month and are down 23.0% from June of last year while sales in the South fell 22.6% from the previous month and declined 19.8% from the same period last year.
Definitions and Importance for the Housing Market
By:Ken Lee
The National Association of REALTORS® collects data from more than 650 realtor groups across the nation. Data includes single-family homes, townhomes, condominiums, and co-ops that have been previously owned and occupied. Figures are released monthly.
The volume of total existing home sales is an excellent indicator of housing demand. The direction of change in the existing home sales volume is an indicator of the health of the housing market, as are changes in the market capture of new versus existing home sales.
For more information on existing home sales, go to:
http://www.realtor.org/research.nsf/Pages/EHSdata
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