- US: IIP (Q4)
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- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
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Economy in Brief
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...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller June 23, 2016
Strength in the housing market toned down during May. Sales of new single-family homes declined 6.0% to 551,000 (+8.7% y/y) following a 12.3% increase to 586,000, revised from 619,000. Sales of 563,000 had been expected in the Action Economics Forecast Survey.
The median price of a new home declined 9.3% to $290,400 (1.0% y/y) versus the record of $320,200 in April, which was revised slightly downward. The average price of a new home declined 5.1% to $358,900 (+5.3% y/y).
The decline in new home sales was paced by a one-third m/m drop in the Northeast to 34,000 (30.8% y/y) which reversed the prior month's surge. Sales in the West fell 15.6% to 124,000 and also reversed the prior month's gain. In the South, sales eased 0.9% to 323,000 (+13.3% y/y) after a 9.4% increase. To the upside, sales in the Midwest increased 12.0% to 70,000 (16.7% y/y), the highest level in two years.
The months supply of homes at the current sales rate increased to 5.3 and recovered much of the prior month's decline. The median number of months a new home was on the market declined to 3.7 (NSA), and reversed increases in the prior two 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)||May||Apr||Mar||Y/Y %||2015||2014||2013|
|Median Price (NSA, $)||290,400||320,200||298,200||1.0||297,258||283,775||265,092|