Sales of previously owned houses in the US surged 11.8 percent from the previous month to a seasonally adjusted annual rate of 5.51 million in February of 2019. It is the highest reading in eleven months and the biggest monthly rise since December of 2015. It follows a downwardly revised 4.93 million in January and compares with market expectations of 5.1 million. Sales of single family homes jumped 13.3 percent to 4.94 million (-2 percent to 4.36 million in January) while sales of condos were flat at 0.57 million. The median house price edged up to $249,500 from $249,300 in January and $240,800 a year earlier. The months' worth of supply went down to 3.5 from 3.9 in January. Year-on-year, existing home sales dropped 1.8 percent. Existing Home Sales in the United States averaged 3952.20 Thousand from 1968 until 2019, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970.
Existing Home Sales in the United States is expected to be 5200.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Existing Home Sales in the United States to stand at 4800.00 in 12 months time. In the long-term, the United States Existing Home Sales is projected to trend around 4700.00 Thousand in 2020, according to our econometric models.