From the course: Economic Indicators

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Existing home sales

Existing home sales

From the course: Economic Indicators

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Existing home sales

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- Ever wonder why people don't call existing homes used homes or vintage homes? Me neither, but vintage clothes, used cars, and existing homes all have one thing in common: they don't contribute to GDP, otherwise known as Gross Domestic Product, or economic growth. Only new stuff goes into economic growth. But the number of existing homes sold, which are quoted in the millions, far exceeds the level of new home sales in United States, which are quoted in the thousands, and which do contribute to GDP. This means that while new home sales are important, the best gauge of the value and price of your home is really the data that comes out of the monthly Existing-Home Sales report. And, there's even data about regional prices. Every month, the National Association of Realtors releases data on the number of existing homes sold, the inventory of homes available for sale, and the prices of homes sold by region. The Existing-Home Sales report also includes an inventory figure that represents…

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