Recent Updates

  • Japan: CPI (Sep), Issuing, Redemption & Outstanding Amount of Bonds (Aug)
  • Korea: Home Transactions (Sep)
  • Indonesia: Rail Statistics by Region (Aug)
  • India: International Banking Statistics (Q1)
  • UK: LSL Acad HPI (Sep)
  • New Zealand: External Migration (Sep)
  • China: Domestic Financial Assets Held Abroad (Sep)
  • more updates...

Economy in Brief

U.S. New Home Sales Recover Moderately As Prices Drop Further
by Tom Moeller  September 25, 2013

New home sales during August gained 7.9% to 421,000 after a 14.1% July decline to 390,000, initially reported as 394,000. The figure roughly matched expectations for 418,000 sales in the Action Economics Forecast Survey. These volume figures are quoted at seasonally adjusted annual rates.

Sales mostly improved around the country. In the Midwest, the 19.6% sales gain to 61,000 (15.1% y/y) paced the country's improvement. That was followed by the South where sales rose 15.3% to 241,000 (28.2% y/y). Sales in the Northeast gained 8.8% to 37,000 (27.6% y/y), however new home purchases in the West fell 14.6% to 82,000 (-21.2% y/y), the lowest level since March of last year. 

The median price of a new home declined 0.7% to $254,600 (+0.6% y/y) which was the lowest level since January. The average price of a new home ticked up 0.1% during August to $318,900, up 4.4% from a year ago.

The inventory of unsold homes rose roughly one-quarter y/y but the months' sales supply of new homes fell to 5.0 and eased off its recent high. The length of time to sell a new home fell further last month to 3.0 months, a new cycle low which compared 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 Aug Jul Jun Y/Y 2012 2011 2010
Total SAAR, 000s 421 390 454 12.6 368 306 321
Northeast 37 34 35 27.6 29 21 31
Midwest 61 51 58 15.1 47 45 45
South 241 209 245 28.2 196 168 173
West 82 96 116 -21.2 97 72 74
Median Price (NSA, $) 254,600 256,300 256,600 0.6 242,108 224,317 221,242
close
large image