by calculated risks 1/20/2020 10:11:00 AM
From the NAR: Existing Home Sales fell 1.5% in December
Existing home sales fell for the 11th straight month in December, according to the National Association of Realtors®. Three of the four major US regions reported month-on-month declines, while sales in the West were unchanged. All regions experienced a year-over-year decline.
Gross existing home sales, completed transactions that include single-family homes, townhouses, condominiums, and co-ops – It fell 1.5% from November to a seasonally adjusted annual rate of 4.02 million in December. On a yearly basis, sales fell 34.0% (down from 6.09 million in December 2021).
Total registered housing stock at the end of December was 970,000 units, down 13.4% from November but up 10.2% from a year ago (880,000). Unsold inventory remains at 2.9 months shown at the current sales pace, down from 3.3 months in November but up from 1.7 months in December 2021.
Click on the chart for a larger image.
This graph shows existing home sales, on a seasonally adjusted annual rate (SAAR) basis, since 1993.
Sales in December (4.02 million SAR) were down 1.5% from the previous month and were 34.0% below the December 2021 sales average.
The second chart shows the national inventory of existing homes.
According to the NAR, the stock decreased to 0.97 million in December from 1.12 million in November.
The last graph shows the annual change in reported existing home inventory and months of supply. Since inventory doesn’t adjust seasonally, it’s really helpful to look at the annual change. Note: Months of supply are based on seasonally adjusted sales, not seasonally adjusted inventory.
Inventory increased 10.2% year over year (blue) in December compared to December 2021.
Supply months (red) decreased to 2.9 months in December from 3.3 months in November.
This was above consensus expectations. I’ll take more later.