October New Home Sales Down 1.9% MoM, New Median Price at 304.5K
This morning's release of the October New Home Sales from the Census Bureau came in at 563K, down 1.9% month-over-month from a revised 574K in September. Seasonally adjusted estimates for July, August, and September were revised. The Investing.com forecast was for 593K.
Here is the opening from the report:
Sales of new single-family houses in October 2016 were at a seasonally adjusted annual rate of 563,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 1.9 percent (±13.1%)* below the revised September rate of 574,000, but is 17.8 percent (±16.9%) above the October 2015 estimate of 478,000.
The median sales price of new houses sold in October 2016 was $304,500; the average sales price was $354,900. The seasonally adjusted estimate of new houses for sale at the end of October was 246,000. This represents a supply of 5.2 months at the current sales rate. [Full Report]
For a longer-term perspective, here is a snapshot of the data series, which is produced in conjunction with the Department of Housing and Urban Development. The data since January 1963 is available in the St. Louis Fed's FRED repository here. We've included a six-month moving average to highlight the trend in this highly volatile series.
Over this time frame we see the steady rise in new home sales following the 1990 recession and the acceleration in sales during the real estate bubble that peaked in 2005.