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Economy in Brief

U.S. New Home Sales Continue Sideways Movement
by Tom Moeller  July 26, 2011

Total new home sales during June fell 1.0% m/m to 312,000 (AR) a downwardly revised 315,000 in May. Since last year's government program to boost purchases, sales have moved roughly sideways. The latest figure fell short of expectations for 323,000 sales according to Action Economics. The slip in June sales was led by lower numbers in the Northeast and the West that was countered by gains elsewhere. Home sales have fallen by three-quarters from the record 1,258,000 during all of 2005.

The inventory of unsold homes slipped to a 6.3 months supply, near the lowest since mid-2006. The actual number of homes for sale was down by nearly one-quarter y/y and by three-quarters since the 2006 peak. It took an increased median 9.9 months to sell a home since completion, the most since August.

The median price of a new single family home rose 5.8% m/m to $235,200 versus a little-revised May level of $222,400. 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.

When Will Residential Construction Rebound from the Federal Reserve Bank of San Francisco can be found here.

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

U.S. New Home Sales Jun May Apr Y/Y % 2010 2009 2008
Total (SAAR, 000s) 312 315 317 1.6 321 374 482
Northeast 16 19 25 -31.5 31 31 35
Midwest 46 42 41 2.2 45 54 69
South 181 175 171 4.6 173 202 265
West 69 79 80 23.2 74 87 113
Median Price (NSA, $) 235,200 222,400 223,900 7.2 221,242 214,500 230,408
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