Global| Oct 27 2003New Home Sales Dip
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of new single family homes fell just 0.2% in September to 1.145M (AR) and beat Consensus estimates for a decline to 1.125M. Sales in August were revised down slightly but July and June sales were revised up. Sales of new homes [...]
Sales of new single family homes fell just 0.2% in September to 1.145M (AR) and beat Consensus estimates for a decline to 1.125M. Sales in August were revised down slightly but July and June sales were revised up.
Sales of new homes last month were the third highest on record.
Sales in the Northeast rose 26% m/m (3.2% y/y) to the fastest pace since January 1997. In the West sales gained 12.4% (21.4% y/y), but sales fell 18% (6.1% y/y) in the Midwest and were down 2.5% m/m (2.9% y/y) in the South.
The median price of a new home was about unchanged at $187,400 (5.6% y/y). Prior month's figures were revised up.
These new home sales data from the US Census Department reflect current sales versus the existing home sale figures which reflect closings on past sales.
| Homes Sales (000s, AR) | Sept | Aug | Y/Y | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|
| New Single-Family | 1,145 | 1,147 | 12.2% | 977 | 907 | 880 |
by Tom Moeller October 27, 2003
Sales of existing single family homes reported by the National Association of Realtors rose to another record in September, for the second month outpacing Consensus expectations for a decline.
The 3.6% m/m gain in sales last month to 6.69M was versus expectations for a decline to 6.25M. Sales in August were revised up.
The figures from the reflect closings of past home sales.
Regionally, sales in the Northeast rose 7.0% in September to 760,000 units (18.8% y/y). In the West sales increased 5.1% to 1.85M (26.7% y/y). Sales in the Midwest sold at a rate of 1.43M (17.2% y/y). Sales in the South rose to 2.64M (18.4% y/y). Each of these selling rates was a record.
The median price of an existing home fell m/m to $172,300 (+9.1% y/y).
The latest release from the National Association of Realtors is available here.
| Existing Home Sales (000, AR) | Sept | Aug | Y/Y | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|
| Existing Single-Family | 6,690 | 6,460 | 20.8% | 5,595 | 5,292 | 5,158 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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