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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller January 27, 2016
Sales of new single-family homes strengthened 10.8% during December to 544,000 from 491,000 in November, revised from 490,000. The increase was helped by new closing procedures which shifted sales out of November. The gain left sales 9.9% higher than December 2014, and up 14.6% for the full year. Sales of 505,000 had been expected in the Action Economics Forecast Survey.
The median price of a new home decreased 2.7% to $288,900 versus November and fell 4.3% y/y. During all of last year, prices averaged a 3.8% increase. The average sales price declined 4.9% m/m to $346,400, off 7.3% y/y.
Home sales in the Midwest increased 31.6% (38.9% y/y) to 75,000, the highest level since April 2008. Sales in the West rose 21.0% (21.9% y/y) to 167,000, an eight-year high. In the Northeast, sales gained 20.8% (-6.5% y/y) and made up most of the prior month's decline. Sales in the South improved 0.4%, unchanged y/y and over the last two months.
The inventory of unsold homes increased 11.8% y/y and there was a 5.2 months supply at the current sales rate. That figure was up from 4.0 months in January 2013. The number of months a new home was on the market remained near the record low of 3.0 months.
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)||Dec||Nov||Oct||Y/Y %, SA||2015||2014||2013|
|Median Price (NSA, $)||288,900||298,000||296,600||-4.3||294,575||283,775||265,092|