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Economy in Brief

U.S. New Home Sales & Prices Strengthen
by Tom Moeller  April 25, 2017

Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000 from 587,000 in February, revised from 592,000. The latest level roughly matched the highest reading in November 2007. Expectations had been for 585,000 sales in the Action Economics Forecast Survey.

The median price of a new home (NSA) rebounded 7.5% (1.2% y/y) to $315,000 following two months of decline. Prices have moved erratically sideways since late-2015. The average price of a new home increased 3.9% (5.6% y/y) to $388,200.

The rebound in home sales was led by a 16.7% jump (32.6% y/y) in the Western region to 175,000. In the Northeast, sales strengthened 25.8% to 39,000 (21.9% y/y) and made up most of a February decline. Sales in South nudged 1.6% higher to 323,000 (5.9% y/y), while sales in the Midwest eased 4.5% (23.5% y/y) to 84,000.

The months' supply of homes at the current sales rate fell last month to 5.2, the lowest level since November. The median number of months a new home was on the market ticked higher to 3.7 (NSA), the highest level in nine months.

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) Mar Feb Jan Mar Y/Y % 2016 2015 2014
Total 621 587 585 15.6 560 501 439
  Northeast 39 31 41 21.9 34 24 28
  Midwest 84 88 71 23.5 67 61 60
  South 323 318 328 5.9 318 285 244
  West 175 150 145 32.6 143 128 108
Median Price (NSA, $) 315,100 293,100 308,000 1.2 310,333 297,258 283,775
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