Global| Mar 23 2018U.S. New Home Sales Decline While Prices Increase
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of new single-family homes slipped 0.6% to 618,000 (SAAR) during February following a January decline to 622,00, revised from 593,000. It was the third consecutive monthly decline from the November peak of 711,000. Expectations [...]
Sales of new single-family homes slipped 0.6% to 618,000 (SAAR) during February following a January decline to 622,00, revised from 593,000. It was the third consecutive monthly decline from the November peak of 711,000. Expectations had been for 620,000 sales in the Action Economics Forecast Survey.
The median price of a new home improved 0.6% (9.7% y/y) to $326,800 from 324,900, revised from $323,000. The average price of a new home eased 0.1% (+1.7% y/y) to $376,700.
Changes in new home sales were mixed last month across the country. In the Northeast, sales jumped 19.4% (8.8% y/y) to 37,000. Sales in the South increased 9.0% (0.6% y/y) to 338,000. Falling were sales in the Midwest by 3.7% (-8.1% y/y) to 79,000. Sales in the West also weakened by 17.6% (+3.1% y/y) to 164,000.
The months' supply of homes on the market rose to 5.9 from an October low of 4.8. The median number of months a new home was on the market remained low at 3.6 and has trended sideways since 2013.
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) | Feb | Jan | Dec | Feb Y/Y % | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total | 618 | 622 | 653 | 0.5 | 617 | 561 | 503 |
| Northeast | 37 | 31 | 34 | 8.8 | 39 | 32 | 25 |
| Midwest | 79 | 82 | 66 | -8.1 | 72 | 69 | 61 |
| South | 338 | 310 | 355 | 0.6 | 341 | 317 | 286 |
| West | 164 | 199 | 198` | 3.1 | 165 | 142 | 130 |
| Median Price (NSA, $) | 326,800 | 324,900 | 340,100 | 9.7 | 321,367 | 306,500 | 293,733 |
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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