Recent Updates

  • Japan: Tokyo CPI Revisions, Nationwide CPI (May)
  • New Zealand: External Migration (May)
  • Euro area: Flash Consumer Confidence (Jun)
  • US: Personal Income by Region and State (Q1)
  • US: Philadelphia FRB Mfg Business Outlook Survey (Jun)
  • France: Business Surveys: Industry, Composite Indicators, Construction, Services (Jun)
  • UK: Public Sector Finances (May)
  • more updates...

Economy in Brief

U.S. New Home Sales Slip
by Tom Moeller  June 23, 2011

Total new home sales in May slipped 2.1% m/m to 319,000 (AR) from a little-revised 326,000 in April. The latest figure beat expectations for 310,000 sales according to Action Economics. The figure is consistent with others suggesting extreme weakness in the housing sector. Home sales have fallen by three-quarters from the record 1,258,000 during all of 2005. Sales fell across the country except the South.

The inventory of unsold homes fell to a 6.2 months supply, the lowest since mid-2006. However, it took an increased median 9.2 months to sell a home since completion, the most since August.

The median price of a new single family home rose 2.6% m/m to $222,600 versus a little-revised April level of 217,000. By region, median home prices were highest in the Northeast at $326,200 followed by $247,300 in the West. In the South home prices averaged $199,200 while in the Midwest they averaged $192,400.

The data in this report are available in Haver's USECON database.

Mortgage Originations Struggle To Stay Afloat from the Federal Reserve Bank of Cleveland can be found here.

U.S. New Home Sales May Apr Mar Y/Y % 2010 2009 2008
Total (SAAR, 000s) 319 326 306 13.5 321 374 482
Northeast 22 30 27 -18.5 31 31 35
Midwest 42 42 39 5.0 45 54 69
South 172 168 168 13.9 173 202 265
West 83 86 72 31.7 74 87 113
Median Price (NSA, $) 222,600 217,000 219,500 -3.4 221,242 214,500 230,408
close
large image