by Calculated Risk on 4/20/2022 10:12:00 AM
From the NAR: Existing-Home Sales Slip 2.7% in March
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 2.7% from February to a seasonally adjusted annual rate of 5.77 million in March. Year-over-year, sales fell 4.5% (6.04 million in March 2021).
Total housing inventory at the end of March totaled 950,000 units, up 11.8% from February and down 9.5% from one year ago (1.05 million). Unsold inventory sits at a 2.0-month supply at the present sales pace, up from 1.7 months in February and down from 2.1 months in March 2021.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1993.
Sales in March (5.77 million SAAR) were down 2.7% from the previous month and were 4.5% below the March 2021 sales rate.
The second graph shows nationwide inventory for existing homes.
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.
Months of supply (red) increased to 2.0 months in March from 1.7 months in February.
This was slightly below the consensus forecast. I’ll have more later.