On Monday at 10 a.m. ET, the National Association of Realtors [1] (NAR) will release its monthly Existing-Home Sales report. As opposed to new home sales, the Existing-Home Sales report tracks the number of previously constructed homes, condos, and co-ops where a sale closed in the previous month. Spikes or ebbs in existing-home sales can both reflect and forecast larger market trends caused by factors such as home prices, inventory availability, etc.
Last month’s Existing-Home Sales report [2] analyzed trends for the month of February. The month saw a 3 percent rebound in existing-home sales, reversing two straight months of declines. Much of the increase was driven by spikes in the South and West regions of the country, which helped to offset weaker performance in the Northeast and Midwest.
Speaking of last month’s report, Lawrence Yun, Chief Economist for NAR, said, “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices—especially in the West—shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”
Here’s what else is happening in The Week Ahead.
- First American Real Home Price Index, Monday
- Chicago National Fed Activity Index, Monday, 8:30 a.m. ET
- S&P CoreLogic Case-Shiller Home Price Index, Tuesday, 9 a.m. ET
- FHFA House Price Index, Tuesday, 9 a.m. ET
- MBA Mortgage Applications, Wednesday, 7 a.m. ET
- Census Bureau: New Home Sales, Thursday
- Fed Balance Sheet, Thursday, 4:30 p.m. ET
- GDP, Friday, 8:30 a.m.