Recent Updates

  • France: Registered Unemployment and Vacancies (Jun)
  • US: Texas Service Sector Survey Indexes Only, waiting on full detail from the source
  • US: Consumer Confidence (Jul), S&P/Case-Shiller Home Prices (May)
  • Composite Survey: United States (Flash - Jul), Services Survey: United States (Flash - Jul)
  • Ireland: Harmonized Competitiveness Indicator (Jun)
  • Austria: Employment & Unemployment (Jun); Malta: PPI (Jun)
  • Jordan: Financial Soundness Indicators (Q4); Qatar: Real Estate
  • more updates...

Economy in Brief

U.S. New Home Sales and Prices Strengthen
by Tom Moeller  July 26, 2016

Housing market improvement continued during June. Sales of new single-family homes increased 3.5% (25.4% y/y) to 592,000 (SAAR) from 572,000 in May, revised from 551,000. Sales of 557,000 had been expected in the Action Economics Forecast Survey.

The median price of a new home recovered 6.2% to $306,00 (6.1% y/y) following May's 9.8% decline. The average price of a new home increased 1.9% to $358,200 (8.8% y/y).

The decline in new home sales was paced by a 5.6% drop in the Northeast to 34,000 (30.8% y/y) which added to the prior month's decline. Sales in the South eased 0.3% (+21.1% y/y) to 321,000 following three months of firm increase. Countering these declines was a 10.9% increase (24.6% y/y) in the West to 152,000 which recouped the prior month's decline. Sales in the Midwest also firmed 10.4% (44.1% y/y) to 85,000 which added to May's m/m rise by roughly one quarter.

The months' supply of homes at the current sales rate declined to 4.9, the lowest level since February of last year. The median number of months a new home was on the market eased to 3.8 (NSA).

The data in this report are available in Haver's USECON database. The consensus expectation figure from the Action Economics Forecast Survey is available in the AS1REPNA database.

U.S. New Single-Family Home Sales (SAAR, 000s) Jun May Apr Y/Y % 2015 2014 2013
Total 592 572 572 25.4 502 440 430
  Northeast 34 36 40 30.8 25 28 31
  Midwest 85 77 62 44.1 61 58 61
  South 321 322 318 21.1 287 244 233
  West 152 137 152 24.6 131 110 106
Median Price (NSA, $) 306,700 288,800 320,000 6.1 297,258 283,775 265,092
close
large image