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Economy in Brief
U.S. Mortgage Loan Applications Continue to Decline As Interest Rates Rise
The MBA total Mortgage Applications Index fell 7.1% (-23.3% y/y) in the week ending October 12...
European Vehicle Registrations Plunge After Soaring
New car sales in the European Union in September plunged after registrations had ramped up ahead of the introduction of new emissions inspection rules...
U.S. Industrial Production Increases Moderately
The factory sector remains in good shape. Industrial production rose 0.3% (5.1% y/y) during September...
U.S. Home Builder Index Improves, but Remains Below Last Year's High
The Composite Housing Market Index from the NAHB-Wells Fargo inched up during October to 68 from an unrevised 67 in September...
U.S. JOLTS: Job Openings Rate Hits Another Record
The Bureau of Labor Statistics reported that the total job openings rate rose to a record 4.6% in August...
by Tom Moeller May 25, 2005
New single-family home sales in April rose just 0.2% m/m to 1.316M and the prior month's increase was more than halved. Nevertheless, sales in April set a record and for the year to date are 5.8% ahead of the 2004 average. Consensus estimates had been for sales of 1.325M.
Sales in the Northeast last month spurted by more than one third (28.9% y/y). In the West sales rose moderately (6.4% y/y) but in the Midwest sales fell for the third month this year (+1.0% Y/Y). In the South sales also fell by 5.3% (+20.2% y/y).
The median price of a new single family home recovered most of the prior month's decline and rose 6.1% to $230,800 (3.8% y/y).
The figures from the Census Department reflect homes sold.
The latest FOMC meeting minutes can be found here.
| Homes Sales (000s, AR) | April | March | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| New Single-Family | 1,316 | 1,313 | 13.3% | 1,200 | 1,091 | 976 |
