- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller March 23, 2017
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR) from January's 558,000, revised from 555,000. Expectations had been for 565,000 sales in the Action Economics Forecast Survey. The latest level was the highest since July, but remained below the peak reached that month of 622,000.
The median price of a new home (NSA) dropped a sharp 3.9% m/m (-4.9% y/y) to $296,200, the lowest level since July, from $308,200, revised from $312,900. The average price of a new home jumped 9.9% m/m (11.7% y/y) to a record high of $390,400.
The rebound in February sales occurred in three of the four regions of the country. In the Midwest, sales surged 30.9% (50.8% y/y) to 89,000, the highest level since November 2009. Sales in the West gained 7.5% (6.8% y/y) to 157,000, but have moved sideways for the last few months. In the South, sales improved 3.6% (7.9% y/y) to 313,000, but remained below July's high of 364,000. Declining 21.4% (+13.8% y/y) to 33,000 were sales in the Northeast.
The months' supply of homes at the current sales rate eased last month to 5.4 from its high of 5.6 in January. The median number of months a new home was on the market nudged higher to 3.4 (NSA) from 3.2, remaining below the most recent high of 4.1 months in April.
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)||Feb||Jan||Dec||Feb Y/Y %||2016||2015||2014|
|Median Price (NSA, $)||296,200||308,200||329,900||-4.9||310,333||297,258||283,775|