Recent Updates

  • US: New Residential Construction (Oct)
  • US: Household Employment for States and Regions (Oct)
  • UK: Overseas Travel and Tourism (Aug)
  • Germany: Hotel and Restaurant Turnover, Building Permits (Sep)
  • Italy: Balance of Payments Final Release (Sep)
  • Spain: Credit Institutions' Balance Sheet & Impairment Allowances (Sep)
  • Malaysia: GDP, BOP, External Debt Press, IIP (Q3); Philippines: Motor Vehicle Sales (Oct); Singapore: International Trade (Oct); India: Payment System (Sep); China: IP Value Added by Region,
  • more updates...

Economy in Brief

U.S. New Home Sales & Prices Fall Back
by Tom Moeller  May 23, 2017

Sales of new single-family homes declined 11.4% (+0.5% y/y) during April to 569,000 (AR) from 642,000 in March, revised from 621,000. Earlier figures were revised higher. Expectations had been for 612,000 sales in the Action Economics Forecast Survey.

The median price of a new home declined 3.0% (-3.8% y/y) to $309,200 versus an upwardly revised $318,700. Prices have moved erratically sideways since late-2015. The average price of a new home declined 4.4% (-3.1% y/y) to $368,300.

The decline in home sales was led by a 26.3% drop (-13.7% y/y) in the Western region to 126,000, the lowest level since October 2015. In the Midwest, sales declined 13.1% (+19.7% y/y) to 73,000, the lowest point in three months. Sales in Northeast declined 7.5% (-5.1% y/y) to 37,000 following a 14.3% rise. In the South sales were off 4.0% (+4.1% y/y) to 333,000 and reversed most of the March gain.

The months' supply of homes at the current sales rate rebounded sharply last month to 5.7, the highest point since September 2015. The median number of months a new home was on the market increased to 3.7 (NSA), the highest level since last June.

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) Apr Mar Feb Apr Y/Y % 2016 2015 2014
Total 569 642 607 0.5 561 503 440
  Northeast 37 40 35 -5.1 32 25 28
  Midwest 73 84 88 19.7 69 61 58
  South 333 347 331 4.1 317 286 244
  West 126 171 153 -13.7 142 130 110
Median Price (NSA, $) 309,200 318,700 299,200 -3.8 310,567 297,258 283,775
close
large image