Global| May 24 2006New Home Sales Again Rose Unexpectedly
by:Tom Moeller
|in:Economy in Brief
Summary
New home sales during April again posted an unexpected gain. The 4.9% m/m increase to 1.198 million (SAAR) followed a revised 12.0% rise during March which was revised down slightly. The increased contrasted to Consensus expectations [...]
New home sales during April again posted an unexpected gain. The 4.9% m/m increase to 1.198 million (SAAR) followed a revised 12.0% rise during March which was revised down slightly. The increased contrasted to Consensus expectations for 1.15M sales.
The latest sales level was 12.4% below last July's peak and sales so far this year were 11.5% below the 2005 average.
April sales in the Northeast rose 8.2% (-33.3% y/y) and in the West sales rose 2.0% (-12.6% y/y). Sales down South (+6.7% y/y) were notably strong with a 7.8% m/m gain but sales in the Midwest fell 1.1% (-16.9% y/y).
The number of homes for sale surged for the second month by 2.4% (27.0% y/y). Again in the Northeast the number of homes for sale jumped, by 1.9% (63.6% y/y).
The median sales price of a new home recovered 2.8% (0.9% y/y) following a 6.2% March decline.
| U.S. New Homes | April | March | Y/Y | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|---|
| Total Sales (AR, 000's) | 1,198 | 1,142 | -5.7% | 1,280 | 1,201 | 1,091 |
| Median Price (NSA) | $238,500 | $232,000 | 0.9% | $234,208 | $217,817 | $191,383 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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