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Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
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...
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|
|Median Price (NSA, $)||305,400||302,700||319,800||-3.7||297,258||283,775||265,092|