US New Home Sales at 4-Month Low

Sales of new single-family houses in the United States declined 1.9 percent to a seasonally adjusted annual rate of 563,000 in October of 2016, compared to market expectations of a 0.3 percent rise. Figures for the previous month were revised down by 19,000 to 574,000.

Sales in the South declined 3 percent to 322 thousand; those in the Midwest fell 13.7 percent to 63 thousand and in the Northeast sales were down 9.1 percent to 30 thousand. In contrast, increases were recorded in the West (8.8 percent to 148 thousand). 

The median sales price of new houses sold decreased to $304,500 from $314,100 in the previous month but was up from $298,700 a year earlier. The average sales price also declined to $354,900 from $364,100 in September and $366,900 a year earlier. 

The stock of new houses for sale increased 2.9 percent to 246 thousand. This represents a supply of 5.2 months at the current sales rate.

Year-on-year, new home sales jumped 17.8 percent.

US New Home Sales at 4-Month Low

US Census Bureau | Joana Taborda |
11/23/2016 3:16:37 PM