Existing Home Sales (NAR)

Definition§

Existing Home Sales (NAR) is a statistical measure used by the National Association of Realtors® (NAR) to gauge the number of residential properties sold and transferred, covering single-family homes, condominiums, and co-operative housing. The NAR gathers data from various Multiple Listing Services (MLS) across the United States and computes this to provide a national outlook as well as segmented data for four specific regions: the Northeast, Midwest, South, and West.

Examples§

1. Monthly Report Example: In March 2023, the Existing Home Sales report indicated that the number of home sales in February decreased by 5% from January and by 3% from the same month the previous year. However, the median home price increased by 2% year-over-year.

2. Annual Trend Example: The 2022 annual report showed a 6% overall increase in existing home sales from the previous year, along with a 7.4% rise in the median home price. This data signifies a robust real estate market with growing demand.

Frequently Asked Questions (FAQs)§

1. How often is the Existing Home Sales report published?§

The Existing Home Sales report is typically released monthly by the National Association of Realtors®.

2. What types of properties are included in the Existing Home Sales data?§

The data includes single-family homes, condominiums, and co-operatives.

3. What is the difference between existing home sales and new home sales?§

Existing home sales refer to the transaction of previously owned homes, while new home sales pertain to newly constructed properties.

4. Can the data from existing home sales indicate future trends in the housing market?§

Yes, trends in the Existing Home Sales report can provide insights into the health and direction of the housing market.

5. Where can I access the Latest Existing Home Sales data?§

The data is frequently updated on the National Association of Realtors® website and various financial news platforms.

Related Terms with Definitions§

1. Multiple Listing Service (MLS): A database system that allows real estate brokers to see property listings from others to find clients for those properties.

2. Median Home Price: The middle value of home prices; half of the homes cost less and half cost more.

3. NAR (National Association of Realtors®): The largest trade association in the United States representing real estate professionals, providing economic data and advocacy for the real estate industry.

4. Pending Home Sales: A measure of existing-homes sales contracts signed but not yet completed.

5. New Home Sales: Statistics that measure the sale of newly constructed residential houses, distinct from previously owned homes.

Online Resources§

1. National Association of Realtors® (NAR) Existing Home Sales
2. U.S. Department of Housing and Urban Development
3. Real Estate Investment Network (REIN)
4. Federal Reserve Economic Data (FRED)

References§

• National Association of Realtors®. “Existing Home Sales”. NAR Research Group.
• U.S. Census Bureau. “Housing Vacancies and Homeownership (CPS/HVS)”.
• U.S. Department of Housing and Urban Development (HUD).

Suggested Books for Further Studies§

1. “Real Estate Market Analysis: Methods and Case Studies” by John M. Clapp and Stephen D. Messner.

2. “The New Reality of Wall Street: An Investor’s Survival Guide to Triple Waterfalls and Other Stock Market Perils” by Donald R. J. Wolff.

3. “Investing in Real Estate” by Gary W. Eldred and Donald Trump.

4. “Real Estate Principles: A Value Approach” by David C. Ling and Wayne R. Archer.

Real Estate Basics: Existing Home Sales (NAR) Fundamentals Quiz§