2011 Economic Calendar
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Existing Home Sales  
Released On 5/19/2011 10:00:00 AM For Apr, 2011
PriorPrior RevisedConsensusConsensus RangeActual
Existing Home Sales - Level - SAAR5.10 M5.10 M5.2 M5.1 M to 5.4 M5.05 M
Existing Home Sales - M/M Change3.7 %-1.8 %-0.8 %
Existing Home Sales - Yr/Yr Change-6.3 %-12.9 %

The housing sector continues to stumble with April existing home sales coming in a little below expectations at a 5.05 million annual unit rate, down 0.8 percent in the month with the year-on-year rate moving into the negative double digits at 12.9 percent. Supply on the market ballooned to 9.2 months at the current sales rate vs 8.3 months in March.

But price readings are positive in the report with both the median and average moving higher, up 2.4 percent on the median to $163,700 with the average at $214,600 for a 3.5 percent gain. High supply however won't be supporting further increases for prices which however are very affordable as mortgage rates are favorable. Yet the housing sector just can't get going, weighed down by distressed sales and difficult credit conditions. New home sales for April will be posted on Tuesday.

Consensus Outlook
Existing home sales rebounded 3.7 percent in March to an annual rate of 5.1 million. Sales had dropped a monthly 8.9 percent the prior month due to winter storms-especially in the South which makes up the bulk of home sales. Prices firmed slightly, up 2.2 percent for the median reading to $159,600. This follows a drop of 1.1 percent in February. The latest improvement is likely a seasonal effect (prices are not seasonally adjusted). Slightly more homes were on the market, 3.549 million, but the solid rise in sales brought down the supply reading slightly to a still very heavy 8.4 months.

Existing home sales tally the number of previously constructed homes, condominiums and co-ops in which a sale closed during the month. Existing homes (also known as home resales) account for a larger share of the market than new homes and indicate housing market trends.  Why Investors Care
Existing home sales reached a peak in mid-2005 and have been easing since. Typically, a distinct reverse relationship exists between home sales and mortgage rates. However, sales and mortgage rates both have firmed in recent months.
Data Source: Haver Analytics

2011 Release Schedule
Released On: 1/202/233/214/205/196/217/208/189/2110/2011/2112/21
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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