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Economy in Brief
U.S. PPI Posts Broad-Based Strength in March
The Producer Price Index for final demand jumped 1.0% (4.2% y/y) during March...
U.S. Wholesale Inventories Post Strong February Gain; Sales Fall
Wholesale inventories increased 0.6% (2.0% y/y) during February...
U.S. Initial Unemployment Insurance Claims Unexpectedly Increase
Initial claims for unemployment insurance rose to 744,000 during the week ended April 3...
Total PMIs Gain Traction in March
The PMI readings for March show improvement again...
U.S. Consumer Credit Outstanding Bounces Back in February
Consumer credit outstanding surged $27.6 billion during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Monetary Policy Blunder: Not Managing Economic & Financial Outcomes Equally
Monetary Policy at a Crossroad: Policymakers Need to Break Promise of Easy Money to Avoid Boom-Bust
State Coincident Indexes in January
Data Surprises, Markets and COVID
by Tom Moeller December 23, 2020
• Fall in new home sales is regionally broad-based.
• Prices fall modestly.
New single-family home sales declined 11.0% during November (+20.8% y/y) to 841,000 (SAAR) from 945,000 in October, revised from 999,000. September sales also were revised down to 965,000 from 1,002 million. Sales of 990,000 were expected in the Action Economics Forecast Survey.
Sales weakened across the country, led by a 43.3% decline (-24.4% y/y) to 59,000 in the Midwest from 104,000 in October. Sales were at the lowest level since April 2016. In the West, sales fell 17.3% (+19.8% y/y) to 230,000, the first decline since April. In the South, new home sales eased 1.9% (+30.5% y/y) to 513,000, off for the third straight month. In the Northeast, sales eased 2.5% (+18.2% y/y) to 39,000, reversing October's improvement.
The median price of a new home edged 0.7% lower to $335,300 in November (+2.2% y/y). The average price of a new home rose 1.8% (1.5% y/y) to $390,100. These prices are not seasonally adjusted.
The 4.1 months' supply of new homes on the market in November compared to a recent low of 3.5 months in both August and September. Despite this increase, the supply compared to 6.7 months in May 2019. The median number of months a new home stayed on the market after completion fell to 3.6 in November from an upwardly revised 4.1 months in October. These figures were down from a high of 4.5 months in both August and September.
New home sales activity and prices are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.
U.S. New Single-Family Home Sales (SAAR, 000s) | Nov | Oct | Sep | Nov Y/Y % | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|---|
Total | 841 | 945 | 965 | 20.8 | 685 | 614 | 616 |
Northeast | 39 | 40 | 39 | 18.2 | 30 | 32 | 40 |
Midwest | 59 | 104 | 95 | -24.4 | 72 | 75 | 72 |
South | 513 | 523 | 562 | 30.5 | 400 | 347 | 341 |
West | 230 | 278 | 269 | 19.8 | 183 | 160 | 164 |
Median Price (NSA, $) | 335,300 | 337,500 | 340,500 | 2.2 | 319,267 | 323,125 | 321,633 |