For February
Provided by: National Association of Realtors

Sales Price of Existing Home: $195,900 (Feb '08), pr. $213,500 (Feb '07)

Existing Home Sales beat expectations of another decrease, to post a 2.9% increase, with the annual pace for February reaching 5.03 million units. It was the first rise in sales in 7 months and may indicate a bottom for the struggling US housing market.  

"Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.

Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” he said. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”"

USD/JPY - 30 Min Candles: The better than expected result sent the US Dollar up around 70 pips against the Yen. It also helped the Dollar win back some of its earlier gains against the Euor that had been pared down overnight.

For January
Provided by: National Association of Realtors
Official Release: PDF

Sales Price of Existing Home: $201,100, pr. $207,000

Existing home sales in January were down 0.4% compared to an upwardly revised annual pace of 4.91 mln units in December. January's annual pace of 4.89 mln units was higher than forecast. The sales price for an existing home continued to decline, which may induce buying from potential home seekers. The benchmark interest rates in the US has come down recently as a result of an aggressive monetary loosening campaign, which may also work to help the fragile housing sector.

For Dec.
Official Release from the National Association of Realtors

Existing Home Sales m/m: -2.2%, pr. 0.4% (Nov), -1.2% (Oct).

"Existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 2.2 percent to a seasonally adjusted annual rate1 of 4.89 million units in December from a pace of 5.00 million in November, and are 22.0 percent below the 6.27 million-unit level in December 2006.

Lawrence Yun, NAR chief economist, said the market is experiencing uncharacteristic weakness. “Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate,” he said. “Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase.”"