New Home Sales Decline 0.6%, Near Expectations, Prices Jump

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Published : March 24th, 2018
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Category : Opinions and Analysis

New home prices are up, sales are soft but slowly rising over time. Sales are only 0.5% higher than a year ago.

The Census Bureau's monthly New Residential Sales report shows sales declined 0.6 percent in February.

  • New Home Sales: Sales of new single-family houses in February 2018 were at a seasonally adjusted annual rate of 618,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.6 percent (±13.3 percent)* below the revised January rate of 622,000, but is 0.5 percent (±16.6 percent)* above the February 2017 estimate of 615,000.
  • Sales Price: The median sales price of new houses sold in February 2018 was $326,800. The average sales price was $376,700.
  • For Sale Inventory and Months’ Supply: The seasonally-adjusted estimate of new houses for sale at the end of February was 305,000. This represents a supply of 5.9 months at the current sales rate.

Shortage?

Despite the talk of a "massive shortage" supply is very close to the 6-month mark, a figure many claim as healthy.

Homes are not selling because they are not affordable. Median wages have not kept up with the Fed reported "lack of inflation".

Source : www.themaven.net
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Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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