Global| Dec 23 2005November New Home Sales Reverse October's Gain
by:Tom Moeller
|in:Economy in Brief
Summary
New single-family home sales in November fell 11.3% to 1.245M and reversed more than all of the prior month's downwardly revised 11.4% increase. Consensus expectations had been for a more moderate decline to 1.31M. Sales fell across [...]
New single-family home sales in November fell 11.3% to 1.245M and reversed more than all of the prior month's downwardly revised 11.4% increase. Consensus expectations had been for a more moderate decline to 1.31M.
Sales fell across the nation except in the Northeast where a 13.4% (9.4% y/y) gain added to the 41.4% rise in October. In the West sales fell 22.1% (+0.6% y/y) and reversed most of the prior month's increase while sales in the South also reversed the prior month's gain and fell 5.5% (+10.1% y/y). In the Midwest, sales fell hard for the fifth month in the last six and are down 35.3% since the May peak.
The median price of a new single family home fell for the third straight month. The 4.1% m/m decline (0.3% y/y) to $225,200 left the price about even with last November following appreciation of 17.1% from the end of 2003 to the end of 2004.
The figures from the Census Department reflect home sales counted at the time of sales contract or deposit.
| Homes Sales (000s, AR) | Nov | Oct | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| New Single-Family | 1,245 | 1,404 | 6.0% | 1,200 | 1,091 | 976 |
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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