February 2005 Market Pulse
February 2005 Market Pulse
Existing-home Sales
Sales of existing single-family homes set their highest monthly pace on record in November. Sales rose 2.7 percent to a 6.94 million unit pace from a 6.76 million unit pace in October. “Mortgage interest rates dropped in late summer and then stabilized,” says NAR Chief Economist David Lereah.
Seasonally adjusted annual rate (in millions)*
| October 2004 | November 2004 |
| 6.76 million | 6.94 million |
* Actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.
Source: NAR Research
Business Confidence
More growth seen Conditions for home sales remain solid and will see improvement in the months ahead. Confidence in what buyer traffic will look like six months out is also on an upswing and tracks with 2003 levels. Seller traffic is expected to ease, tightening inventories.
| November | December | |
| Current conditions | 64.8 | 63.7 |
| Expectations for the next six months | 66.9 | 74.2 |
| Buyer traffic | 60.2 | 60.7 |
| Seller traffic | 49.0 | 47.8 |
Results are based on 335sponses to 3,400 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.
Source: NAR Research
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