At the beginning of the foreclosure crisis, a number of MSAs experienced large increases in the share of existing home sales
that were distressed.
Total existing home sales
include single-family homes, town houses, condos and co-operative housing.
This paper will study the effects of changing monetary policies on the housing market by observing the response differentials between new home construction and existing home sales
(two housing sub-markets) to interest rate changes.
The typical leading indicator is new and existing home sales
, and we have been encouraged by that picture," Niemira told HFN.
The variables are payroll employment, personal income, population, number of households, existing home sales
, existing home prices, housing permits and housing affordability.
US: Existing Home Sales
The volume of housing transactions has picked up over the past year.
And existing home sales
remain far below the peak level of around 7 million.
But the market soon lost steam with the Dow Jones index slipping into the minus column following the release earlier in the day of a slower-than-expected growth of existing home sales
1 percent decline in existing home sales
in March compared to March last year.
Combined, the data on existing home sales
, housing starts and mortgage applications shows the housing market remains strong.
Three of the most important releases are housing starts, new home sales and existing home sales