- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
by Tom Moeller May 24, 2016
The housing market improved significantly as the spring selling season unfolded. Sales of new single-family homes during April jumped 16.6% to 619,000 (AR) from 531,000 in March, revised from 511,000. Sales in February and January also were revised up. The increase lifted sales to the highest level since January 2008 and by roughly one quarter y/y. Sales of 520,000 had been expected in the Action Economics Forecast Survey.
Strength in sales was accompanied by improved pricing power. The median price of a new home increased 7.8% to a record $321,100 (9.7% y/y). The average price of a new home increased 7.3% to $379,800 (13.5% y/y).
The rise in home sales was paced by a roughly one-half increase in the Northeast, and sales tripled versus the year prior. Sales in the South rose 15.8% to 352,000 (18.1% y/y). In the West, sales gained 18.8% to 152,000 (23.6% y/y). To the downside were sales in the Midwest where they eased 4.8% (-9.1% y/y) to 60,000, down for the third month this year.
The months supply of homes at the current sales rate fell to 4.7, the lowest level since February of last year. The median number of months a new home was on the market rose to 4.3 (NSA), the longest time since May 2013.
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)||Apr||Mar||Feb||Y/Y %||2015||2014||2013|
|Median Price (NSA, $)||321,100||297,900||306,600||9.7||297,258||283,775||265,092|