Recent Updates

  • 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)
  • Spain: International Trade (Nov)
  • Italy: BOP (Nov)
  • UK: Retail Sales (Dec)
  • Euro area: Balance of Payments (Nov)
  • more updates...

Economy in Brief

U.S. New Home Sales Improve With Prices
by Tom Moeller  May 26, 2015

New home sales during April recovered 6.8% to 517,000 units (26.1% y/y) from 484,000 in March, initially reported as 481,000. The latest figure beat expectations for 503,000 sales in the Action Economics Forecast Survey. Sales are quoted at seasonally adjusted annual rates.

Home prices recovered along with sales. The median price for a new home during April increased to $297,300 (8.3% y/y) from $285,500, revised from $277,400. The average price of a new home slipped to $341,500 (5.0% y/y) from $343,300. It was the lowest average price since September.

Sales results varied around the country. Sales in the Midwest increased by more than one-third m/m (20.0% y/y) to 78,000. Home sales in the South rose 5.8% (26.4% y/y) to 292,000. To the downside, home sales in the Northeast declined 5.6% (-19.0% y/y) to 17,000 and sales in the West fell 2.3% (+39.8% y/y) to 130,000.

The inventory of unsold homes was little-changed for the second month at 205,000 (7.3% y/y). The months' sales supply of new homes declined m/m to 4.8 months, reversing the prior month's rise. The length of time to sell a new home rose to 4.0 months, the longest time since June 2013, but still 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 Apr Mar Feb Y/Y % 2014 2013 2012
Total SAAR, 000s 517 484 538 26.1 440 430 368
  Northeast 17 18 27 -19.0 28 31 29
  Midwest 78 57 57 20.0 58 61 47
  South 292 276 313 26.4 244 233 195
  West 130 133 141 39.8 110 106 97
Median Price (NSA, $) 297,300 285,500 291,900 8.3 283,233 265,092 242,108
close
large image