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Economy in Brief

U.S. New Home Sales Strengthen; Prices Decline
by Tom Moeller  November 27, 2017

Sales of new single-family homes increased 6.2% to 685,000 (SAAR) during October following a 14.2% gain to 645,000 in September, revised from 667,000. Sales were at the highest level since October 2007. Expectations in the Action Economics Forecast Survey had been for 620,000 sales.

The median price of a new home declined 3.7% (+3.3% y/y) to $312,800 from $324,900. The average price of a new home surged 5.0% (13.6% y/y) to $400,200.

New home sales continued to improve last month around the country, led by a 30.2% rise (64.7% y/y) in the Northeast after a 16.2% gain. It was the highest level of sales since October 2007. In the Midwest sales jumped 17.9% (16.2% y/y) to 79,000 following a 1.5% decline. Sales increased 6.4% (20.1% y/y) in the West to 167,000, also the highest level since October 2007, after a 9.0% rise. Sales improved 1.3% in the South to 383,000 after a 19.6% increase.

There was a lessened 4.9 months' supply of homes for sale at the current sales rate. It was the lowest level since July 2016. The median number of months a new home was on the market held steady at a low 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.

U.S. New Single-Family Home Sales (SAAR, 000s) Oct Sep Aug Oct Y/Y % 2016 2015 2014
Total 685 645 565 18.7 561 503 440
  Northeast 56 43 37 64.7 32 25 28
  Midwest 79 67 68 16.2 69 61 58
  South 383 378 316 14.0 317 286 244
  West 167 157 144 20.1 142 130 110
Median Price (NSA, $) 312,800 324,900 311,700 3.3 310,567 297,258 283,775
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