Global| Mar 23 2016U.S. New Home Sales & Prices Improve
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of new single-family homes increased 2.0% to 512,000 (SAAR, -6.1% y/y) during February after a 7.0% decline to 502,000 in January, revised from 494,000. Sales of 510,000 had been expected in the Action Economics Forecast Survey. [...]
Sales of new single-family homes increased 2.0% to 512,000 (SAAR, -6.1% y/y) during February after a 7.0% decline to 502,000 in January, revised from 494,000. Sales of 510,000 had been expected in the Action Economics Forecast Survey.
The median price of a new home rebounded 6.2% (2.6% y/y) to $301,400 after January's decline to $283,900, revised from $278,800. The average sales price declined 4.0% m/m to $348,900 (-2.0% y/y).
By region, there was considerable variation in sales m/m. Home sales in the West jumped 38.5% (10.2% y/y) to 151,000 following January's 32.7% decline. To the downside, sales in the Northeast declined 24.2% (-3.8% y/y) to 25,000, and reversed most of the prior month's gain. Sales in the Midwest fell 17.9% (+1.9% y/y) to 55,000 after a 4.3% decline. In the South, sales fell 4.1% (-14.3% y/y) to 281,000, negating January's improvement.
The inventory of unsold homes increased 17.6% y/y and there was a 5.6 months supply at the current sales rate. That figure was up from a low of 4.0 months in January 2013. The number of months a new home was on the market increased slightly to 3.8 months.
The data in this report are available in Haver's USECON database. The consensus expectation figure from the Action Economics Forecast Survey is available in the AS1REPNA database.
Job Gains Remain Strong, Inflation Improves from the Federal Reserve Bank of Dallas can be found here.
| U.S. New Single-Family Home Sales (SAAR, 000s) | Feb | Jan | Dec | Y/Y % | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Total | 512 | 502 | 540 | -6.1 | 503 | 440 | 430 |
| Northeast | 25 | 33 | 28 | -3.8 | 24 | 28 | 31 |
| Midwest | 55 | 67 | 70 | 1.9 | 61 | 58 | 61 |
| South | 281 | 293 | 280 | -14.3 | 287 | 244 | 233 |
| West | 151 | 109 | 162 | 10.2 | 131 | 110 | 106 |
| Median Price (NSA, $) | 301,400 | 283,900 | 297,000 | 2.6 | 294,575 | 283,775 | 265,092 |
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.
