Last Update: 26-Nov-14 10:35 ET
New Home Sales
- New home sales increased 0.7% in October to 458,000 from a downwardly revised 455,000 (from 467,000) in September. The Briefing.com consensus expected new home sales to increase to 470,000.
- It was originally reported that sales exceeded 500,000 in August for the first time since May 2008. Since that report, further revisions have been decidedly negative, and now only 453,000 new homes were reported sold during that month. What was originally thought to have been a break-out period in the new home sector is now just another stuck-in-the-mud trend.
- Over the last 12 months, new home sales have averaged 435,000 with very little volatility.
- Inventory levels edged up slightly, increasing from 210,000 in September to 212,000 in October. That represents a 5.6 months’ supply at the current sales rate and near the 6.0 months’ supply that is generally maintained during normal selling periods.
- Unless sales levels improve, current inventories do not leave much room for an acceleration in construction growth.
- The median home price increased 15.4% y/y to $305,000 in October.
- Sales growth remains flat after negative revisions reduce gains in August and September.
|Median Price Y/Y