What are Existing Home Sales?
The US National Association of Realtors releases the existing home sales report every month. This report consists of both the number and prices of existing homes, condos and co-op sales. This figure is a lagging indicator and it usually is impacted by a mortgage rate change.
Why You Care
When there is economic growth, more houses are purchased and the housing sector plays an integral part in the health of the US economy. Basically, when a new home is purchased there is a lot of economic activity as electric and electronic equipment and furniture tend to be bought as well. There is also the mortgage that home owners get when buying a new home.