A Snapshot of Monthly Housing Indicators
Updated Feb. 24, 2010

Pending Home Sales Index
Pending home sales have leveled from a market swing driven by response to the home buyer tax credit.The Pending Home Sales Index was 96.6 in December, up 1% from 96.5% in November. Pending home sales in the South rose to 98.4, which was 2.2% higher than November and 5.5% higher than December 2008. 

Existing-Home Sales
After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009. Existing home sales including single-family, town homes, condominiums and co-ops – fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million units in December from 6.54 million in November, but remain 15.0 percent above the 4.74 million-unit level in December 2008. In the South, existing-home sales dropped 16.3 percent to an annual pace of 2.01 million in December but are 15.5 percent above December 2008. The median price in the South was $152,000, down 1.0 percent from a year ago.

New-Home Sales
Sales of new single-family houses in January 2010 were at a seasonally adjusted annual rate of 309,000. This is 11.2 percent below the revised December rate of 348,000 and is 6.1 percent below the January 2009 estimate of 329,000. The median sales price of new houses sold in January 2010 was $203,500; the average sales price was $254,500. The seasonally adjusted estimate of new houses for sale at the end of January was 234,000. This represents a supply of 9.1 months at the current sales rate. (Sources: U.S. Census Bureau and the Department of Housing and Urban Development)

Housing Starts
Privately-owned housing starts in January were at a seasonally adjusted annual rate of 591,000. This is 2.8 percent above the revised December estimate of 575,000 and is 21.1 percent above the January 2009 rate of 488,000. Single-family housing starts in January were at a rate of 484,000; this is 1.5 percent above the revised December figure of 477,000. The January rate for units in buildings with five units or more was 100,000. (Source: U.S. Census Bureau)

Housing Affordability
The affordability index was 163.8 in December. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970. 

Mortgage Rates
The 30-year fixed mortgage rate was 4.99% for week ending January 21.

Employment
U.S. employers cut 20,000 jobs in January, while December's tally of job losses was revised to a drop of 150,000 from 85,000. The unemployment rate, calculated using a household survey, fell to 9.7% last month from an unrevised 10% in December. (Source: WSJ, 2/5/10)

Other Indicators
GDP - The U.S. economy surged at the end of 2009, driven more by slower inventory liquidation than by consumer spending. Gross domestic product (GDP) rose at a seasonally adjusted 5.7% annual rate from October through December, the Commerce Department said in its first estimate of fourth-quarter GDP. GDP has gone up two straight quarters, rising 2.2% in the third quarter after a year of contraction. In all of 2009, GDP fell 2.4%, the biggest drop for an entire year since 10.9% in 1946. (Source: WSJ – 1/29/2010)

Consumer Confidence - The Conference Board Consumer Confidence Index®, which had increased in January, declined sharply in February. The Index now stands at 46.0 (1985=100), down from 56.5 in January. The Present Situation Index decreased to 19.4 from 25.2. The Expectations Index declined to 63.8 from 77.3 last month.  (Source: The Conference Board)

Consumer Price Index - Up .1% in December
Producer Price Index - Up .2% in December
Retail Sales - Down .3% in December

Source: National Association of REALTORS®, unless otherwise indicated.