Weekly Economic Report

Weekly Economic Report 11.13.17

KEY MARKET INDICATORS as of Nov 13, 2017

Key Market Indicators 11.13.17

September Home Sales

Existing home sales increased 0.7% m/m to a seasonally adjusted annual rate of 5.39 million units in September. Compared to 12 months ago, existing home sales were down 4.3% in September. The inventory level increased 1.6% m/m to 1.9 million units, and left the supply of homes at 4.2 months – far below the 6 months of supply that is regarded as normal. Homes were sold quickly after listing. Typical homes stayed on the market for just 34 days in September, vs. 39 days a year ago. The tight housing market condition continued to drive home prices higher, with the median home price up 4.2% from a year ago to $245,100.

We examined 36 state and local realtor association reports for September, which accounted for 64% of sales reported by the National Association of Realtors. Together, these states reported that sales were down 3% y/y. Irma had a big impact on Florida home sales this month. Home sales in the state were down 19% year over year in September. In contrast, home sales in Texas were down by just 0.2% from a year ago, much lower than expected.

Weekly Economic Graph 11.13.17
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