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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Sandy Batten February 24, 2022
• Sales fell in Jan after two double-digit percent increases, but with upward revisions to both Nov and Dec.
• Sales fell in three of four major regions with only gain in the West.
• Median sales price rebounded after two consecutive monthly declines.
New single-family home sales fell 4.5% m/m (-19.3% y/y) to 801,000 at an annual rate in January with upward revisions to sales in both November and December. Sales in December were revised up to 839,000 from 811,000 previously, and sales in November were revised up to 749,000 from 725,000 previously. The most recent peak in sales was 993,000 in January 2021. The Action Economics Forecast Survey expected 809,000 sales in January.
By region, sales in December fell in three of the four major regions, rising only in the West (1.2% m/m for the third consecutive monthly gain). Sales in the Northeast slumped 10.7% m/m, their third consecutive monthly decline to the lowest level since April 2020. Sales in the Midwest declined 3.7% m/m in January after an outsized 39.7% m/m jump in December. Sales in the South decreased 7.4% m/m in January, their first decline in three months.
The median price of a new home rebounded in January, rising 7.0% m/m (+13.4% y/y), reversing a 7.0% m/m decline in December. The average sales price of a new home rose 3.0% m/m (+18.7% y/y) in January to a record high $496,900. These sales price data are not seasonally adjusted.
The supply of new homes for sale rose to 6.1 months in January from 5.6 months in December. The recent low was 3.5 months reached in August, September and October of 2020. The median number of months a new home stayed on the market fell to 2.5 months, tying the record low reached in October, from 3.3 months in December. These figures date back to January 1975.
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) | Jan | Dec | Nov | Y/Y % | 2021 | 2020 | 2019 |
---|---|---|---|---|---|---|---|
Total | 801 | 839 | 749 | -19.3 | 767 | 822 | 683 |
Northeast | 25 | 28 | 29 | -46.8 | 35 | 37 | 30 |
Midwest | 78 | 81 | 58 | -37.1 | 86 | 93 | 72 |
South | 438 | 473 | 412 | -23.8 | 450 | 474 | 399 |
West | 260 | 257 | 250 | 5.3 | 197 | 218 | 182 |
Median Price (NSA, $) | 423,300 | 395,500 | 425,300 | 13.4 | 397,000 | 336,900 | 321,500 |