- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
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 Sandy Batten February 24, 2017
Sales of new single-family homes rebounded in January, rising 3.7% m/m to 555,000 units, seasonally adjusted at an annual rate. The sharp 10.4% m/m drop in December was revised up to a 7.0% m/m decline (575,000 units), but this was due mostly to a downward revision to the previously reported 4.7% m/m jump (598,000 units) in November--now a more modest 1.2% m/m rise. The Action Economics Forecast Survey had looked for a rebound, but a slightly larger one than transpired (to 570,000). Compared to a year ago, sales of new homes are up 5.1%. New home sales have more than doubled from their February 2011 low but remain more than 60% below their July 2005 peak. Sales of new homes have generally slowed since the middle of last year, in sharp contrast to the acceleration in the sales of existing homes.
The median price of a new home (NSA) slipped 1.0% m/m (+7.5% y/y) to $312,900 from $316,200, revised from $322,500. The average price of a new home slumped 4.8% m/m (-1.3% y/y) to $360,900 following a 1.9% m/m rise in December and a 9.2% m/m jump in November.
The January rebound in sales was relatively widespread with sales rising in three of the four major regions. Sales jumped 15.8% m/m in the Northeast, soared 14.8% m/m in the Midwest, and increased 4.3% m/m in the South. They slipped 4.4% m/m in the West.
The months' supply of homes at the current sales rate was unchanged in January at 5.7, its highest level since September 2015. The median number of months a new home was on the market edged down to 3.2 (NSA) in January from 3.3 in December and remains significantly below the most recent high of 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)||Jan||Dec||Nov||Jan Y/Y %||2016||2015||2014|
|Median Price (NSA, $)||312,900||316,200||315,900||7.5||308,992||297,258||283,775|