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Economy in Brief

U.S. New Home Sales Surge to Ten-Year High
by Tom Moeller  December 22, 2017

Sales of new single-family homes jumped 17.5% (26.6% y/y) to 733,000 (SAAR) during November following 624,000 sales in October, revised from 685,000. Sales were at the highest level since July 2007. Expectations in the Action Economics Forecast Survey had been for 650,000 sales.

The median price of a new home eased 0.3% (+1.2% y/y) to $318,700 from $319,600. The average price of a new home dropped 4.5% (+3.8% y/y) to $377,100 and reversed October's increase.

New home sales continued to improve last month across the country, led by a 31.1% rise (22.8% y/y) in the West to 194,000 after a 5.7% decline. It was the highest level since May 2007. In the South, sales jumped 14.9% (32.5% y/y) to 416,000, also a ten-year high, following a 1.9% decline. Sales increased 9.5% (53.3% y/y) in the Northeast to 46,000, the highest level since January 2008. Sales improved 6.9% in the Midwest to 77,000 after a 5.9% increase.

There was a lessened 4.6 months' supply of homes for sale at the current sales rate. It was the lowest level since April 2016. The median number of months a new home was on the market was roughly steady at a low 3.3 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) Nov Oct Sep Nov Y/Y % 2016 2015 2014
Total 733 624 635 26.6 561 503 440
  Northeast 46 42 41 53.3 32 25 28
  Midwest 77 72 68 0.0 69 61 58
  South 416 362 369 32.5 317 286 244
  West 194 148 157 22.8 142 130 110
Median Price (NSA, $) 318,700 319,600 328,500 1.2 310,567 297,258 283,775
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