What are Existing Home Sales?
Existing home sales is an economic indicator released by the National Association of Realtors. The data reflect the number of homes that have previously been constructed (and therefore accounted for by the new home sales indicator) and are now being resold. The figures are released on or around the 25th of each month at 10:00am EST.
How Do Existing Home Sales Work?
Data on price and quantity of existing homes are collected and distributed by the National Association of Realtors. In the following months after more comprehensive data can be digested, adjusted figures are released and analyzed by financial markets.
Why Do Existing Home Sales Matter?
Existing homes sales serves a similar purpose as its companion, new home sales, yet is more influential in financial markets. This is due to the fact that it is released earlier in the month and is reflective of a significantly larger sample size. Both indicators reached all-time lows in the aftermath of the recent United States housing bubble.