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Economy in Brief
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Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
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The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
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The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
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Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller December 23, 2005
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.
Homes Sales (000s, AR) | Nov | Oct | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
New Single-Family | 1,245 | 1,404 | 6.0% | 1,200 | 1,091 | 976 |