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Economy in Brief

U.S. New Home Sales and Prices Increase
by Tom Moeller  December 23, 2016

Sales of new single-family homes during November increased 5.2% (16.5% y/y) to 592,000 (SAAR) from an unrevised 563,000 during October. Sales of 575,000 had been expected in the Action Economics Forecast Survey.

The median price of a new home improved 0.9% (-3.7% y/y) to $305,400 from $302,700 during October, revised from $304,500. The average price of a new home increased 1.5% (-4.5% y/y) to $359,900 following a 4.3% decline.

Last month's rise in new home sales was led by a 43.8% jump (39.4% y/y) in sales in the Midwest to 92,000. In the West, sales rose 7.7% (10.8% y/y) to 154,000. To the downside were sales in the South, falling by 3.1% (+13.4% y/y) to 313,000. Sales in the Northeast remained steady at 33,000 (22.2% y/y).

The months' supply of homes at the current sales rate eased to 5.1, but remained up from July's 4.6 rate. That was below the high of 5.8 months in September of last year. The median number of months a new home was on the market increased slightly to 3.2 (NSA), but was down from 4.1 months in April.

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) Nov Oct Sep Nov Y/Y % 2015 2014 2013
Total 592 563 571 16.5 502 440 430
  Northeast 33 33 32 22.2 25 28 31
  Midwest 92 64 72 39.4 61 58 61
  South 313 323 330 13.4 287 244 233
  West 154 143 137 10.8 131 110 106
Median Price (NSA, $) 305,400 302,700 319,800 -3.7 297,258 283,775 265,092
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