RSS Feed by Calculated Risk on 4/18/2024 10:00:00 AM
Thursday, April 18, 2024
NAR: Existing-Home Sales Decreased to 4.19 million SAAR in March
From the NAR: Existing-Home Sales Descended 4.3% in March
Existing-home sales slipped in March, according to the National Association of REALTORS®. Among the four major U.S. regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in all regions.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year-over-year, sales waned 3.7% (down from 4.35 million in March 2023).
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Total housing inventory registered at the end of March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000). Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.
emphasis added
Click on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in March (4.19 million SAAR) were down 4.3% from the previous month and were 3.7% below the March 2023 sales rate.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory increased to 1.11 million in March from 1.06 million the previous month.
According to the NAR, inventory increased to 1.11 million in March from 1.06 million the previous month.Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 14.4% year-over-year (blue) in March compared to March 2023.
Months of supply (red) increased to 3.2 months in March from 2.9 months the previous month.
This was at the consensus forecast. I'll have more later.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 14.4% year-over-year (blue) in March compared to March 2023. Months of supply (red) increased to 3.2 months in March from 2.9 months the previous month.
This was at the consensus forecast. I'll have more later.
