Highlights
Existing home sales weren't that bad in May, up a sharp 2.4 percent but to a 4.770 million annual rate that is below expectations for 4.850 million. Supply is down which is good news, at 9.6 months vs. 10.1 in April. Prices also firmed, up 3.8 percent in the month to a median $173,000 though the year-on-year decline actually deepened slightly, at -16.8 percent. Data are steady from region to region with the Midwest leading the month. Of note, Realtors report a steep drop in the proportion of distressed sales, at about one-third of all sales vs. half in prior months. The text of the report didn't know what to make of the drop, suggesting that it may not be meaningful. But the report noted strongly that unrealistically low appraisals are scuttling sales and slowing the housing recovery. There wasn't much initial reaction to this report. New home sales, where the median price was down 14.9 percent in the last report, are out tomorrow.

Market Consensus Before Announcement
Existing home sales rebounded 2.9 percent in April, after slipping 3.4 percent the month before. The April sales pace of 4.680 million units annualized was nearly flat at minus 3.5 percent. Supply on the market was a negative in the report, rising to 10.2 months at the current sales rate compared to 9.6 months in March. Looking ahead, pending home sales have risen three consecutive months, including a 6.7 percent boost in April. Pending home sales tend to lead existing home sales by one or two months. The first-time home buyer tax credit may be providing some lift to sales.

2009 Release Schedule

Released On: 1/26 2/25 3/23 4/23 5/27 6/23 7/23 8/21 9/24 10/23 11/23 12/22 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov