Global| Dec 27 2002New Home Sales Rose
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of new single family homes were slightly stronger than expected last month. Sales rose 5.7% from October when sales were revised up slightly. Consensus expectations were for a 1.000 Mil. sales rate. Sales were mixed across the [...]
Sales of new single family homes were slightly stronger than expected last month. Sales rose 5.7% from October when sales were revised up slightly. Consensus expectations were for a 1.000 Mil. sales rate.
Sales were mixed across the country’s regions. In the Midwest, sales rose 41.2% m/m following two months of decline. Sales in the South also rose moderately following two down months. In the Northeast, sales fell 26.7% following a 36.8% October drop. In the West, sales fell 3.9% but remained near the record.
The median price of a new home fell 6.5% to $167,300 (-0.5% y/y).
The new home sales data reflect current sales versus the existing home sale figures which reflect closings on past sales.
| Homes Sales (000s, AR) | Nov | Oct | Y/Y | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|
| New Single-Family | 1,069 | 1,011 | 14.0% | 908 | 880 | 879 |
by Tom Moeller December 27, 2002
The Conference Board's National Index of Help-Wanted Advertising in November remained at the lowest level since 1964.
The proportion of labor markets with rising want-ad volume improved somewhat to 47% from 24% in October.
Job opportunities remained weak in most regions of the country, but were strongest in the South.
During the last five years there has been a 74% correlation between the level of help-wanted advertising and the monthly change in nonfarm payrolls. The correlation with the y/y change in employment has been 98%.
The figures are seasonally adjusted.
For analysis of recent trends in unemployment duration by the San Francisco Federal Reserve, click here
| Conference Board | Nov | Oct | Nov '01 |
|---|---|---|---|
| National Help Wanted Index | 40 | 40 | 45 |
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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