February New Home Sales Up 6.1% MoM, Beats Forecast
This morning's release of the February New Home Sales from the Census Bureau came in at 592K, up 6.1% month-over-month from a revised 558K in January. Seasonally adjusted estimates for November and December were also revised. The Investing.com forecast was for 565K.
Here is the opening from the report:
Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 6.1 percent (±17.3 percent)* above the revised January rate of 558,000 and is 12.8 percent (±18.0 percent)* above the February 2016 estimate of 525,000.
The median sales price of new houses sold in February 2017 was $296,200. The average sales price was $390,400. [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.