U.S. Existing Home Sales Unexpectedly Surge 4.2% In February

RTTNews | 120 дней спустя
U.S. Existing Home Sales Unexpectedly Surge 4.2% In February

(RTTNews) - After reporting a sharp pullback by U.S. existing home sales in the previous month, the National Association of Realtors released a report on Thursday showing existing home sales unexpectedly rebounded in the month of February.

NAR said existing home sales surged by 4.2 percent to an annual rate of 4.26 million in February after tumbling by 4.7 percent to a revised rate of 4.09 million in January.

The sharp increase surprised economists, who had expected existing home sales to slump by another 3.2 percent to an annual rate of 3.95 million from the 4.08 million originally reported for the previous month.

"Home buyers are slowly entering the market," said NAR Chief Economist Lawrence Yun. "Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand."

The report said housing inventory at the end of February totaled 1.24 million units, up 5.1 percent from 1.18 million units in January and up 17 percent from 1.06 million units a year ago.

The unsold inventory represents 3.5 months of supply at the current sales pace, unchanged from January but up from 3.0 months in February 2024.

NAR also said the median existing home price was $398,400 in February, up 3.8 percent from $383,800 in the same month a year ago.

"Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners," Yun said. "That means a gain of nearly $1.3 trillion in home value appreciation at a time when the current stock market is undergoing a correction."

He added, "Moreover, the ongoing housing shortage, coupled with historically low mortgage default rates, implies a solid foundation for home values."

Next Tuesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of February.

Тэгов: USD
read more
U.S. Consumer Sentiment Reaches Five-Month High In July

U.S. Consumer Sentiment Reaches Five-Month High In July

After reporting a substantial rebound by U.S. consumer sentiment in the previous month, the University of Michigan released a report on Friday showing a more modest improvement by consumer sentiment in the month of July. The University of Michigan said its consumer sentiment index climbed to 61.8 in July after surging to 60.7 in June. Economists had expected the index to rise to 61.5.
RTTNews | 16ч 11мин назад
U.S. Housing Starts Rebound More Than Expected In June

U.S. Housing Starts Rebound More Than Expected In June

New residential construction in the U.S. rebounded by more than expected in the month of June, according to a report released by the Commerce Department on Friday. The Commerce Department said housing starts surged by 4.6 percent to an annual rate of 1.321 million in June after plunging by 9.7 percent to a revised rate of 1.263 million in May.
RTTNews | 17ч 10мин назад
U.S. Business Inventories Remain Unchanged For Second Straight Month

U.S. Business Inventories Remain Unchanged For Second Straight Month

Business inventories in the U.S. remained unchanged for the second consecutive month in May, according to a report released by the Commerce Department on Thursday. The Commerce Department said business inventories were virtually unchanged in May after also coming in flat in April. The unchanged reading matched economist estimates.
RTTNews | 1 дней спустя
U.S. Homebuilder Confidence Modestly Improves In July

U.S. Homebuilder Confidence Modestly Improves In July

A report released by the National Association of Home Builders on Thursday showed a modest improvement in homebuilder confidence in the U.S. in the month of July. The report said the NAHB/ Wells Fargo Housing Market Index inched up to 33 in July after slipping to 32 in June. The uptick matched economist estimates.
RTTNews | 1 дней спустя
Philly Fed Index Surges To Five-Month High In July

Philly Fed Index Surges To Five-Month High In July

The Federal Reserve Bank of Philadelphia released a report on Thursday showing manufacturing activity in the region unexpectedly expanded overall in the month of July. The Philly Fed said its diffusion index for current general activity surged to a positive 15.9 in July from a negative 4.0 in June, with a positive reading indicating growth.
RTTNews | 1 дней спустя
U.S. Import Prices Inch Up 0.1% In June, Less Than Expected

U.S. Import Prices Inch Up 0.1% In June, Less Than Expected

Import prices in the U.S. inched up by less than expected in the month of June, the Labor Department revealed in a report released on Thursday. The Labor Department said import prices crept up by 0.1 percent in June after falling by a revised 0.4 percent in May.
RTTNews | 1 дней спустя
U.S. Retail Sales Rebound Much More Than Expected In June

U.S. Retail Sales Rebound Much More Than Expected In June

Retail sales in the U.S. rebounded by much more than expected in the month of June, according to a report released by the Commerce Department on Thursday. The Commerce Department said retail sales climbed by 0.6 percent in June after slumping by 0.9 percent in May. Economists had expected retail sales to inch up by 0.1 percent.
RTTNews | 1 дней спустя