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Economy in Brief

U.S. New Home Sales & Prices Recover
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
Total 593 575 629 29.8 502 440 430
  Northeast 32 24 36 60.0 25 28 31
  Midwest 76 70 81 33.3 61 58 61
  South 338 327 369 25.7 287 244 233
  West 147 154 143 32.4 131 110 106
Median Price (NSA, $) 313,500 293,800 295,500 1.9 297,258 283,775 265,092
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