Global| Dec 23 2016U.S. New Home Sales and Prices Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of new single-family homes during November increased 5.2% (16.5% y/y) to 592,000 (SAAR) from an unrevised 563,000 during October. Sales of 575,000 had been expected in the Action Economics Forecast Survey. The median price of a [...]
Sales of new single-family homes during November increased 5.2% (16.5% y/y) to 592,000 (SAAR) from an unrevised 563,000 during October. Sales of 575,000 had been expected in the Action Economics Forecast Survey.
The median price of a new home improved 0.9% (-3.7% y/y) to $305,400 from $302,700 during October, revised from $304,500. The average price of a new home increased 1.5% (-4.5% y/y) to $359,900 following a 4.3% decline.
Last month's rise in new home sales was led by a 43.8% jump (39.4% y/y) in sales in the Midwest to 92,000. In the West, sales rose 7.7% (10.8% y/y) to 154,000. To the downside were sales in the South, falling by 3.1% (+13.4% y/y) to 313,000. Sales in the Northeast remained steady at 33,000 (22.2% y/y).
The months' supply of homes at the current sales rate eased to 5.1, but remained up from July's 4.6 rate. That was below the high of 5.8 months in September of last year. The median number of months a new home was on the market increased slightly to 3.2 (NSA), but was down from 4.1 months in April.
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) | Nov | Oct | Sep | Nov Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 592 | 563 | 571 | 16.5 | 502 | 440 | 430 |
| Northeast | 33 | 33 | 32 | 22.2 | 25 | 28 | 31 |
| Midwest | 92 | 64 | 72 | 39.4 | 61 | 58 | 61 |
| South | 313 | 323 | 330 | 13.4 | 287 | 244 | 233 |
| West | 154 | 143 | 137 | 10.8 | 131 | 110 | 106 |
| Median Price (NSA, $) | 305,400 | 302,700 | 319,800 | -3.7 | 297,258 | 283,775 | 265,092 |
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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