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by Tom Moeller October 27, 2005
New single-family home sales edged up 2.1% last month to 1.222M but that followed an 11.6% drop in August which was deeper than estimated initially. Consensus expectations had been for 1.25M sales in September.
Sales fell a sharp 11.8% (-16.2% y/y) in the Northeast, down hard for the fourth month in the last five and sales are 43.4% below the April peak. In the West sales also fell by 11.8% (-16.2% y/y). Sales in the Midwest bucked the trend and rose 24.9% (0.4% y/y) while sales in the South also rose 5.6% (14.1% y/y).
The median price of a new single family home fell 5.7% m/m (+1.9% y/y) after an upwardly revised 4.1% August gain.
The figures from the Census Department reflect home sales counted at the time of sales contract or deposit.
| Homes Sales (000s, AR) | Sept | Aug | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| New Single-Family | 1,222 | 1,197 | -0.1% | 1,200 | 1,091 | 976 |
