The Existing Home Sales (NAR) series is a trusted data series maintained and reported by the National Association of Realtors (NAR). This comprehensive data series encapsulates home sales within the U.S. housing market, covering single-family homes, condos, and co-ops. The data visible in this series originates from local Multiple Listing Services (MLS), allowing NAR to project the total housing sales comprehensively. The Existing Home Sales data provide vital insights at national and regional levels, reporting the sales volume of housing units and detailing median and mean sales prices across different periods and geography.
Example of Market Insights
Consider the Existing Home Sales report issued in March 2021. This report highlighted a decrease in the number of U.S. home sales by 7.1% in February 2021 compared to January 2021. Additionally, sales were down by 2.2% compared to February 2020. Despite the dip in sales, the median home prices continued to exhibit an upward trend, rising by 4.4% from February 2020 to February 2021. Such contrasts often reflect changing market dynamics influenced by a variety of economic factors.
Frequently Asked Questions
Q1: What specifically does the Existing Home Sales (NAR) data encompass?
The Existing Home Sales (NAR) data series includes the sales of single-family homes, condos, and cooperative apartments as reported by local MLS systems. This detailed data allows for the estimation of overall home sales volumes, prices, and regional distinctions within the U.S. housing market.
Q2: Why is the Existing Home Sales (NAR) data significant?
It is significant because it provides valuable insights into the housing market trends, including sales volumes and price trends over time. These insights often inform economic forecasting, policy-making, investment decisions, and real estate market analyses.
Q3: How often is the Existing Home Sales (NAR) data updated?
This data series is typically updated monthly, allowing for timely insights into the evolving conditions and trends within the housing market.
Q4: What factors contribute to changes observed in the Existing Home Sales (NAR) data?
Various factors, including economic conditions, interest rates, consumer confidence, and policy changes, can influence the trends observed in the Existing Home Sales data. Understanding these factors helps in interpreting data shifts accurately.
Related Terms: Housing Market, Real Estate Trends, Median Home Price, Multiple Listing Services (MLS).
