Keeping you up to date on the latest data releases.
- New Home Sales
Home sales turned out a decent report card in November, with new single-family home sales rising 5.5 percent, following yesterday’s report of a 6.7 percent gain in existing single-family home sales. November’s increase in new home sales is consistent with a stable but still-depressed market, as the annual sales pace of 290,000 units still sits roughly level with all-time lows held since May. The sales pace has yet to recover from its dive back in May, which is evident by current year-over-year growth of −21.2 percent. There was quite a bit of regional disparity in November sales performance. The West’s sizeable increase (37.3 percent) pulled the most weight, while the South showed a more moderate increase, and activity in the Northeast and Midwest declined. Meanwhile, the inventory of new single-family homes on the market continued to drop. Inventory fell an additional 2.0 percent in November to 197,000 units. Inventory this low has not been seen since 1968. Months’ supply eased from 8.8 to 8.2 months at the current sales pace, aided by the rise in sales and concurrent drop in inventory. Months’ supply remains elevated compared to the golden years of 2000-2005, when the average was 4.1 months. However, significant easing has occurred since highs around 12.0 months were reached in early 2009.