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US – Dec Existing Home Sales
25/01/2023 08:00 am MYT
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Existing home sales fell for the eleventh straight month in Dec, down 1.5% month-on-month and 34.0% year-on-year to a seasonally adjusted annual rate (SAAR) of 4.02 mln units (figure 1). First-time home buyers accounted for 31% of sales in Dec, slightly higher than 30% in Dec 2021. The median existing-home price rose 2.3% from a year ago, for the 130th straight month, to US$366,900.

 

The single-family homes sales were down 1.1% month-on-month and 33.5% year-on-year to a SAAR of 3.60 mln units in Dec. The median existing single-family home price rose 2.0% year-on-year to US$372,700.

 

Meanwhile, existing condominium and co-op homes sales were at a SAAR of 420,000 units in Dec, down 4.5% month-on-month and 38.2% year-on-year. The median existing condominium price was US$317,200 in Dec, up 3.3% year-on-year.

 

Total housing inventory plunged by 13.4% month-on-month, but expanded by 10.2% year-on-year to 0.97 mln units, which represents a supply of 2.9 months at the current monthly sales pace.



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Note from Publisher
One month of 2023 has passed. The world economy has yet to show convincing signs that it will slow down sharply in 2023, as forecasted by many economists. Even the US economy, which is experiencing the most aggressive monetary tightening in three decades, is showing strong resilience, as evidenced by a firm labour market. The S&P 500 kicked off 2023 with a strong Jan. The benchmark index gained 6.4% in the month. China reported a strong rebound in economic activity in the first month of the year after ending her dynamic zero-Covid policy. The EU seems resilient so far. Well, we still have 11 months to go.

In Malaysia, her political drama continues to dominate as the people await major policy measures by the unity government to address the many daunting challenges facing the country. After the 2023 Chinese New Year, there has been a new round of price hikes for many food items. The clock is ticking for the new government to produce results. After all, crucial elections in 6 states are only a few months away.
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