US New Home Sales Down To 10-Month Low
Sales of new single-family houses in the United States shrank 10.4 percent to a seasonally adjusted annual rate of 536,000 in December of 2016, much worse than market expectations of a 1 percent drop. It is the lowest figure since February. Considering full 2016, new home sales went up 12.2 percent to 563,000, the highest since 2007.
Sales in the South went down 12.6 percent to 285,000; those in the West declined 1.3 percent to 156,000 and those in the Midwest fell 41 percent to 49,000. In contrast, sales in the Northeast jumped 48.4 percent to 46 thousand.
The median sales price of new houses sold was $322,500 up from $309,200 in the previous month $299,000 a year earlier. The average sales price was also up to $384,000 from $365,200 in November and $358,100 a year earlier.
The stock of new houses for sale increased 4 percent to 259 thousand. This represents a supply of 5.8 months at the current sales rate.
Year-on-year, new home sales declined 0.4 percent.
1/26/2017 3:18:16 PM