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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Treasury Statement, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
Philadelphia Fed Nonmanufacturing Business Activity Slumps Again in January
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level slumped further to -0.2 in January...
U.S. Industrial Production Celebrates 100 Years With An Increase
In the 100th anniversary of it release, industrial production rose a greater-than-expected 0.3% (3.9% year-on-year) during December...
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
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 |
