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Economy in Brief

New Home Sales Up, Northeast & West Down
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
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