Understanding U.S. Housing Metrics" by Mike Zschunke
Housing economists and investors track a variety of economic data released periodically throughout the month or year. Mainstream media often bundles these statistics together, framing them to align with their narratives and drive clicks for ad revenue. However, each data set carries distinct meanings and can be interpreted in widely different ways. The general public often overlooks how these individual metrics signal unique trends or phases in the U.S. housing economic cycle. Below, we’ve defined some of the most common real estate data releases to help you make more informed decisions in your real estate endeavors."
Existing Home Sales – Measures the number of previously owned homes sold within a specific timeframe. Excludes newly built homes but includes single-family detached homes, townhomes, and condos.
Pending Home Sales – Counts the number of previously owned homes under contract for sale but Not yet Closed. Excludes newly built homes and encompasses single-family detached homes, townhomes, and condos.
New Home Sales – Tracks the number of newly constructed homes sold in a given period. Includes single-family detached homes, townhomes, and condos. ***A sale is recorded when a contract is signed or a deposit is accepted, though transactions may not close due to cancellations or financing challenges.
S&P CoreLogic Case-Shiller U.S. National Home Price Index – Monitors changes in the value of existing single-family homes over time. Reported as a 3-month moving average with a 2-month lag. For example, the November 2024 Index averages closing prices from September, October, and November 2024 and was released on January 28, 2025.
Housing Starts – Represents the number of new residential construction projects begun in a specific period. Covers single-family detached homes, townhomes, and condos.
Housing Inventory Data Statistics – Quantifies the number of homes available for sale in a market at a particular moment. Measured separately for existing homes and newly constructed homes.
Every Real Estate Market and Asset class, each have unique dynamics, often varying significantly even between neighboring areas.
Residential vs. Commercial Markets – Residential and commercial real estate markets differ widely in purpose, financing, demand drivers, behaviors, and cycles, reflecting their distinct roles and influences.