- New Zealand: External Migration (Jan)
- Bangladesh: Monetary Survey (Dec), BOP (Nov), E-Banking and E-Commerce (Q4)
- France: Registered Unemployed & Job Vacancies (Jan)
- US: New Residential Sales (Jan)
- Consumer Sentiment Detail (Feb-final)
- Ireland: Personal Bankruptcies (Q4)
- more updates...
Economy in Brief
Italian Confidence Registers Split-Decision
In February, Italian consumer confidence trolled a five-month low while business confidence perked up...
U.S. FHFA House Price Measure Increases Steadily
The FHFA U.S. house price index rose 6.2% during all of 2016...
U.S. Initial Unemployment Insurance Applications Increase
Initial claims for unemployment insurance increased to 244,000 (-7.6% y/y) during the week ended February 18...
German GfK Confidence Will Step Back in March
Despite a coming setback to German confidence in March, the GfK look-ahead confidence reading remains strong...
U.S. Existing Home Sales Increase in January; Prices Slip
Sales of existing single-family homes increased 3.3% (3.8% y/y) to 5.690 million units (AR) during January...
U.S. Gasoline Prices Slip; Crude Oil Improves
Regular gasoline prices of $2.30 per gallon (+33.1% y/y) last week were down a penny from the prior week...
by Sandy Batten February 24, 2017
Sales of new single-family homes rebounded in January, rising 3.7% m/m to 555,000 units, seasonally adjusted at an annual rate. The sharp 10.4% m/m drop in December was revised up to a 7.0% m/m decline (575,000 units), but this was due mostly to a downward revision to the previously reported 4.7% m/m jump (598,000 units) in November--now a more modest 1.2% m/m rise. The Action Economics Forecast Survey had looked for a rebound, but a slightly larger one than transpired (to 570,000). Compared to a year ago, sales of new homes are up 5.1%. New home sales have more than doubled from their February 2011 low but remain more than 60% below their July 2005 peak. Sales of new homes have generally slowed since the middle of last year, in sharp contrast to the acceleration in the sales of existing homes.
The median price of a new home (NSA) slipped 1.0% m/m (+7.5% y/y) to $312,900 from $316,200, revised from $322,500. The average price of a new home slumped 4.8% m/m (-1.3% y/y) to $360,900 following a 1.9% m/m rise in December and a 9.2% m/m jump in November.
The January rebound in sales was relatively widespread with sales rising in three of the four major regions. Sales jumped 15.8% m/m in the Northeast, soared 14.8% m/m in the Midwest, and increased 4.3% m/m in the South. They slipped 4.4% m/m in the West.
The months' supply of homes at the current sales rate was unchanged in January at 5.7, its highest level since September 2015. The median number of months a new home was on the market edged down to 3.2 (NSA) in January from 3.3 in December and remains significantly below the most recent high of 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)||Jan||Dec||Nov||Jan Y/Y %||2016||2015||2014|
|Median Price (NSA, $)||312,900||316,200||315,900||7.5||308,992||297,258||283,775|