Global| Mar 25 2014U.S. New Home Sales Decline M/M; Prices Fall Versus Last Year
by:Tom Moeller
|in:Economy in Brief
Summary
New home sales fell 3.3% to 440,000 (-3.3% y/y) during February as January sales were revised lower to 455,000, initially reported as 468,000. The latest figure fell short of expectations for 445,000 sales in the Action Economics [...]
New home sales fell 3.3% to 440,000 (-3.3% y/y) during February as January sales were revised lower to 455,000, initially reported as 468,000. The latest figure fell short of expectations for 445,000 sales in the Action Economics Forecast Survey. These volume numbers are quoted at seasonally adjusted annual rates.
Sales in the Northeast fell by nearly one-third m/m to 23,000 (-34.3% y/y) while sales in the West were off 15.9% to 95,000 (-27.5% y/y). Finally, sales in the South nudged 1.5% lower to 255,000 (+19.7% y/y). Working the other, new home sales in the Midwest improved by more than one-third m/m to 67,000 (1.5% y/y).
The median price of a new home during February ticked up to $261,800 (-1.2 y/y) from $260,800. The average price of a new home increased 1.6% last month to $317,500 (1.6% y/y) but January's price was revised lower.
The inventory of unsold homes has been roughly unchanged during the last five months (+24.3%). The months' sales supply of new homes nudged up to 5.2, the highest level since September. The length of time to sell a new home ticked up m/m to 3.5 months, down from 14.0 months at the end of 2009.
The data in this report are available in Haver's USECON database. The consensus expectation figure is from the Action Economics survey and is available in the AS1REPNA database.
| U.S. New Home Sales | Feb | Jan | Dec | Y/Y % | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Total SAAR, 000s | 440 | 455 | 441 | -1.1 | 431 | 368 | 306 |
| Northeast | 23 | 34 | 22 | -34.3 | 30 | 29 | 21 |
| Midwest | 67 | 49 | 61 | 1.5 | 61 | 47 | 45 |
| South | 255 | 259 | 253 | 19.7 | 234 | 196 | 168 |
| West | 95 | 113 | 105 | -27.5 | 106 | 97 | 72 |
| Median Price (NSA, $) | 261,800 | 260,800 | 269,600 | -1.2 | 264,600 | 242,108 | 224,317 |
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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