November New Home Sales Skyrockets 17.5%, Surprises Forecasts
This morning's release of the November New Home Sales from the Census Bureau came in at 733K, up 17.5% month-over-month from a revised 624K in October. Seasonally adjusted estimates back to August were also revised. The Investing.com forecast was for 654K.
Here is the opening from the report:
Sales of new single-family houses in November 2017 were at a seasonally adjusted annual rate of 733,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 17.5 percent (±10.4 percent) above the revised October rate of 624,000 and is 26.6 percent (±16.6 percent) above the November 2016 estimate of 579,000.
The median sales price of new houses sold in November 2017 was $318,700. The average sales price was $377,100. [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.