- Retail Trade, Household Consumption (Feb), Population (Feb)
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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 October 26, 2016
Sales of new single-family homes increased 3.1% (29.8% y/y) during September to 593,000 (AR) following an 8.6% August decline to 575,000, revised from 609,000. Sales of 604,000 had been expected in the Action Economics Forecast Survey. Despite the increase, sales remained 57.3% below the July 2005 peak.
The median price of a new home improved 6.7% (1.9% y/y) to $313,500 versus $293,800 in August, revised from $284,000. The average price of a new home increased 6.0% (2.7% y/y) to $377,700 following a 0.5% rise.
Last month's rise in new home sales was paced by a one-third recovery in the Northeast to 32,000 (60.0% y/y), which reversed most of the August decline. Sales in the Midwest increased 8.6% (33.3% y/y) to 76,000 after a 13.6% decline. New home sales in the South improved 3.4% (25.7% y/y) to 338,000 after an 11.4% fall. To the downside were sales in the West where a 4.5% fall (+32.4% y/y) to 147,000 followed two months of firm increase.
The months' supply of homes at the current sales rate of 4.8 remained below the high of 5.8 months, one year ago. The median number of months a new home was on the market declined to 3.1 (NSA), the lowest level since December.
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.
Trend Job Growth: Where's Normal? from the Federal Reserve Bank of San Francisco is available here.
|U.S. New Single-Family Home Sales (SAAR, 000s)||Sep||Aug||Jul||Sep Y/Y %||2015||2014||2013|
|Median Price (NSA, $)||313,500||293,800||295,500||1.9||297,258||283,775||265,092|