Global| Mar 14 2019U.S. New Home Sales and Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
New home sales fell 6.9% to 607,000 during January following a December increase to 652,000, revised from 621,000. It was the lowest level of sales in three months. January sales of 623,000 had been expected in the Action Economics [...]
New home sales fell 6.9% to 607,000 during January following a December increase to 652,000, revised from 621,000. It was the lowest level of sales in three months. January sales of 623,000 had been expected in the Action Economics Forecast Survey. The government shutdown delayed this report by roughly five weeks and the February figures will be available on March 29. These sales transactions are recorded when sales contracts are signed or deposits are made.
The median price of a new home slipped 0.6% (-3.8% y/y) in January to $317,200. The average price of a new home eased 0.2% (-1.2% y/y to $373,100.
By region, sales patterns were mixed. Purchases in the Northeast declined to 31,000 (-11.4% y/y) from 35,000 in December, while sales in the South fell to 342,000 (+6.2% y/y) from 403,000. New home sales in the Midwest declined to 50,000 (-41.9% y/y) from 70,000 one month earlier, but in the West sales rose to 184,000 (-3.2% y/y) versus 144,000 in December.
The months' supply of homes on the market rose to 6.6 in January. The median number of months a new home was on the market after its completion increased to a still low 3.4 months.
The data in this report 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 | Jan Y/Y % | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total | 607 | 652 | 628 | -4.1 | 626 | 616 | 560 |
| Northeast | 31 | 35 | 31 | -11.4 | 33 | 40 | 32 |
| Midwest | 50 | 70 | 76 | -41.9 | 77 | 72 | 69 |
| South | 342 | 403 | 376 | 6.2 | 354 | 341 | 317 |
| West | 184 | 144 | 145 | -3.2 | 162 | 164 | 142 |
| Median Price (NSA, $) | 317,200 | 319,100 | 306,500 | -3.8 | 322,075 | 321,633 | 306,500 |
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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