Prior Consensus Consensus Range Actual
New Home Sales - Level - SAAR 355 K 370 K 350 K to 385 K 342 K
Market Consensus Before Announcement
New home sales plunged 11 percent in November to a 355,000 annual rate. And to make matters worse, supply rose to 7.9 months from 7.2 months in October. Prices appear to be leveling as the median price was up 3.8 percent in the latest month to $217,400 for a marginal year-on-year decline of only 1.9 percent. However, the price numbers are affected by shifts in the composition of homes sold-such as the share in the high end versus the share in the low end. The off and on tax credits for homebuyers has created volatility in recent sales numbers and we could see movement in either direction in December. First, the November decline may have been due to front loading of sales ahead of the first deadline for getting the tax credit and there may be a rebound in December. But the December NAHB Housing Market Index fell back slightly, indicating that sales may remain weak.
Definition
New home sales measure the number of newly constructed homes with a committed sale during the month. The level of new home sales indicates housing market trends and, in turn, economic momentum and consumer purchases of furniture and appliances. Why Investors Care
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