Global| Jun 23 2011U.S. New Home Sales Slip
by:Tom Moeller
|in:Economy in Brief
Summary
Total new home sales in May slipped 2.1% m/m to 319,000 (AR) from a little-revised 326,000 in April. The latest figure beat expectations for 310,000 sales according to Action Economics. The figure is consistent with others suggesting [...]
Total new home sales in May slipped 2.1% m/m to 319,000 (AR) from a little-revised 326,000 in April. The latest figure beat expectations for 310,000 sales according to Action Economics. The figure is consistent with others suggesting extreme weakness in the housing sector. Home sales have fallen by three-quarters from the record 1,258,000 during all of 2005. Sales fell across the country except the South.
The inventory of unsold homes fell to a 6.2 months supply, the lowest since mid-2006. However, it took an increased median 9.2 months to sell a home since completion, the most since August.
The median price of a new single family home rose 2.6% m/m to $222,600 versus a little-revised April level of 217,000. By region, median home prices were highest in the Northeast at $326,200 followed by $247,300 in the West. In the South home prices averaged $199,200 while in the Midwest they averaged $192,400.
The data in this report are available in Haver's USECON database.
Mortgage Originations Struggle To Stay Afloat from the Federal Reserve Bank of Cleveland can be found here.
| U.S. New Home Sales | May | Apr | Mar | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Total (SAAR, 000s) | 319 | 326 | 306 | 13.5 | 321 | 374 | 482 |
| Northeast | 22 | 30 | 27 | -18.5 | 31 | 31 | 35 |
| Midwest | 42 | 42 | 39 | 5.0 | 45 | 54 | 69 |
| South | 172 | 168 | 168 | 13.9 | 173 | 202 | 265 |
| West | 83 | 86 | 72 | 31.7 | 74 | 87 | 113 |
| Median Price (NSA, $) | 222,600 | 217,000 | 219,500 | -3.4 | 221,242 | 214,500 | 230,408 |
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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