Recent Updates

  • Japan: Trading Volume of Treasury Bills & Financing Bills by Investor Type (Dec)
  • Korea: PPI, Domestic Supply Price and Total Output Price Indexes (Dec), First 20 Days of Trade (Jan)
  • US: Consumer Sentiment (Jan-prelim), GDP by Industry (Q3)
  • Consumer Sentiment Detail (Jan-prelim)
  • Canada: MSIO, Intl Transactions in Securities (Nov)
  • Ivory Coast: IP (Nov); South Africa: Financial Soundness Indicators (Nov); Turkey: House Sales (Dec), IIP (Nov)
  • more updates...

Economy in Brief

U.S. New Home Sales Hold Steady at Cycle High as Prices Weaken
by Tom Moeller  February 25, 2015

New home sales during January were little-changed at 481,000 (5.3% y/y) following 482,000 sales during December, initially reported as 481,000. The latest figure remained nearly the highest since June 2008 and surpassed expectations for 470,000 sales in the Action Economics Forecast Survey. These volume numbers are quoted at seasonally adjusted annual rates.

The median price for a new home in January declined 2.6% to $294,300 (+9.1 y/y), pulling back from the record high of $302,100 in December, revised from $298,100. The average price of a new home fell 8.0% to $348,300 (+3.3% y/y) from $378,700, revised from $377,800.

Sales in the Northeast fell by more than one-half (-50.0% y/y) to 15,000. Sales in the West declined 0.8% (+5.0% y/y) to 126,000. A 19.2% rise in Midwest sales to 62,000 (21.6% y/y) offset much of these declines. Sales in the South also gained 2.2% (8.6% y/y) to 278,000, the highest level since 2008.

The inventory of unsold homes increased 1.4% to 218,000 (15.3% y/y), the highest level since March 2010 and up by roughly one-half from the 2012 low. The months' sales supply of new homes fell m/m to 5.4 months versus last year's low of 3.9 months. The length of time to sell a new home moved slightly higher m/m to 3.3 months, but still was down from 14.0 months at the end of 2009.

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

U.S. New Home Sales Jan Dec Nov Y/Y % 2014 2013 2012
Total SAAR, 000s 481 482 446 5.3 439 430 368
Northeast 15 31 28 -50.0 27 31 29
Midwest 62 52 59 21.6 58 61 47
South 278 272 232 8.6 245 233 195
West 126 127 127 5.0 109 106 97
Median Price (NSA, $) 294,300 302,100 298,300 9.1 282,300 265,092 242,108
close
large image