November New Home Sales Down 9.3% in December
This morning's release of the December New Home Sales from the Census Bureau came in at 625K, down 9.3% month-over-month from a revised 689K in November. Seasonally adjusted estimates back to September were also revised. The Investing.com forecast was for 676K.
Here is the opening from the report:
Sales of new single-family houses in December 2017 were at a seasonally adjusted annual rate of 625,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 9.3 percent (±11.0 percent)* below the revised November rate of 689,000, but is 14.1 percent (±13.0 percent) above the December 2016 estimate of 548,000.
The median sales price of new houses sold in December 2017 was $335,400. The average sales price was $398,900. [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.