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Existing Home Sales
(Seasonally adjusted annual rate)
|
. |
|
|
 |
| MOST RECENT STATISTIC: |
|
|
|
| Annual Rate
(Seasonally adjusted) |
5,450,000 |
| Monthly (Not seasonally
adjusted) |
414,000 |
| Grade: |
A- |
| PERIOD COVERED: |
Dec. 2009 |
| Date Released: |
01/25/10 |
|
|
|
| Next Released: |
02/26/10 |
|
|
|
|
|
|
12/09 |
11/09 |
10/09 |
12/08 |
|
|
| Sales (SA) (MMs) |
5,450 |
6,540 |
6,090 |
4,740 |
|
| % Change |
- |
(16.7%) |
(10.5%) |
15.0% |
|
| Sales (NSA) (000s) |
414 |
471 |
498 |
361 |
|
| % Change |
- |
(12.1%) |
(16.9%) |
14.7% |
|
|
| Source:
National Association of Realtors |
Analysis for the Housing Market
By:Ken Lee
In December, the seasonally-adjusted annual rate of total existing homes dropped 16.7% from November levels to 5,450,000 units. After rising to its highest levels since February 2007 in November, existing home sales are now back down to its lowest levels since August. Sales of existing homes are still up 15.0 percent from the 4,740,000 units in December 2008. Lower mortgage rates and the anticipated expiration of the original homebuyer tax credit kept demand unseasonably high in November which may have exacerbated December's decline. This was the sixth consecutive month that existing home sales have recorded a year-over-year increase. Existing single-family home sales fell 16.7% from last month to 4,790,000 units while condo and co-op sales dropped 15.4% from November levels to 660,000 units.
All four regions posted monthly declines in sales activity although sales in all the regions were still higher than the same time last year. The Midwest recorded the biggest monthly decline, falling 25.8% from November levels while remaining 8.5% higher than the same year-ago period. Sales in the West, which have been driven by an elevated number of foreclosures and short sales in the past year, recorded the tamest monthly decline by easing 4.8% from last month but increasing 15.0% from December of last year. The Northeast posted the strongest year-over-year gain in sales activity, rising 21.3% from last December but dropped 19.5% from November levels. The South posted a 16.3% decline in sales from November levels while increasing 15.5% from December of last year.
Although sales activity fell off in December, the expanded tax credit coupled with low mortgage rates will keep demand for housing high through the first quarter.
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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