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Economy in Brief

U.S. New Home Sales & Prices Recover
by Tom Moeller  October 25, 2017

Sales of new single-family homes increased 18.9% (17.0% y/y) during September to 667,000 (AR) from 561,000 in August, revised from 560,000. September sales were at the highest level since October 2007. Expectations in the Action Economics Forecast Survey had been for 550,000 sales.

The median price of a new home recovered 5.2% (1.6% y/y) to $319,700 from $303,800. The average price of a new home gained 5.7% (5.2% y/y) to $385,200.

Movement in home sales was positive around the country. New home sales in the Northeast jumped by one-third to 48,000 after a 9.3% drop. It was the highest level of sales since January 2008. Sales in the South surged 25.8% to 405,000 following declines in four of the prior five months. In the Midwest, sales increased 10.6% to 73,000, the highest level since April. Sales improved 2.9% in the West to 141,000, but remained near the lowest level since October of last year.

There was a diminished 5.0 months' supply of homes for sale at the current sales rate. It equaled the lowest level since July 2016. The median number of months a new home was on the market remained depressed at 3.2 months.

The data in this report are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.

Missing Growth from Creative Destruction from the Federal Reserve Bank of San Francisco can be found here.

U.S. New Single-Family Home Sales (SAAR, 000s) Sep Aug Jul Sep Y/Y % 2016 2015 2014
Total 667 561 582 17.0 561 503 440
  Northeast 48 36 40 54.8 32 25 28
  Midwest 73 66 67 -2.7 69 61 58
  South 405 322 325 23.1 317 286 244
  West 141 137 150 4.4 142 130 110
Median Price (NSA, $) 319,700 303,800 323,600 1.6 310,567 297,258 283,775
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