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Economy in Brief

U.S. New Home Sales Advance Further in June
by Carol Stone  July 24, 2013

 

New home sales advanced 8.3% in June to 497,000, up 38.1% from a year ago and the largest volume since May 2008. Sales for May 2013 and the prior two months were revised a bit lower, however, with May now at 459,000 compared with 476,000 reported initially. Consensus forecasts were looking for 481,000 in June. All these volume figures are quoted as seasonally adjusted annual rates.

Sales were again mixed m/m by region. The percentage gain was strongest in the Northeast, up 18.5% from May to 32,000 for June; in the West, sales were up 13.8% to 124,000 and in the South, 10.9% to 274,000. Those in the Midwest, which were reported a month ago with a 40.7% jump, gave back some of that in a downward revision from 83,000 to 76,000; then in June, they fell to 67,000. This is, though, still 36.7% above a year ago.

Home prices decreased again in June, by 5.0% for the median price to $249,700, following a 6.8% reduction in May. They do remain 7.4% ahead of June 2012. Average prices were $295,000 this June, down 4.0% from May and up 8.5% from a year ago.

As we noted a month ago, supply conditions in the new home market are tight. The inventory of unsold homes inched upward the last couple of months, but the months' supply of new homes dipped to 3.9 in June, the lowest since October 2004. The length of time to sell a new home retreated in June to 3.9 months from 4.6 in May. These figures compare to 14.0 months at the end of 2009.

The data in this report are available in Haver's USECON database. The consensus expectation figure is from the Action Economics survey and is available in the AS1REPNA database

 

U.S. New Home Sales June May Apr Y/Y 2012 2011 2010
Total SAAR, 000s 497 476 453 38.1 368 306 321
Northeast 32 27 28 100.0 29 21 31
Midwest 67 76 61 36.7 47 45 45
South 274 247 260 46.5 196 168 173
West 124 109 104 14.8 97 72 74
Median Price (NSA, $) 249,700 262,800 282,100 7.4 242,108 224,317 221,242
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