·
New single-family home sales in November fell 11.3% to 1.245M and
reversed more than all of the prior month's downwardly revised 11.4%
increase. Consensus expectations had been for a more moderate decline to
1.31M.
· Sales fell across the nation except in the Northeast where a 13.4% (9.4% y/y) gain added to the 41.4% rise in October. In the West sales fell 22.1% (+0.6% y/y) and reversed most of the prior month's increase while sales in the South also reversed the prior month's gain and fell 5.5% (+10.1% y/y). In the Midwest, sales fell hard for the fifth month in the last six and are down 35.3% since the May peak.
· The median price of a new single family home fell for the third straight month. The 4.1% m/m decline (0.3% y/y) to $225,200 left the price about even with last November following appreciation of 17.1% from the end of 2003 to the end of 2004.
· The figures from the Census Department reflect home sales counted at the time of sales contract or deposit.