Also like this week's existing home sales report, price data show weakness with the median price down 3.2 percent in the month to $280,000. Year-on-year, the median price is up only 1.4 percent which, in what at least doesn't point to an imbalance, is largely in line with year-on-year sales which are down 1.6 percent.
Supply data are stable with 213,000 new homes on the market vs 210,000 in October. Supply relative to sales is up slightly, to 5.8 months from 5.7 and 5.5 months in the prior two months. Regional sales data show declines in 3 of 4 regions including the South, which is larger than all other regions combined in this report, and a gain in the West.
Housing had been showing some life going into the fourth quarter but the readings on November have been a surprising disappointment and won't be good reading for the nation's builders.
Recent History Of This Indicator:
New home sales came in at a lower-than-expected 458,000 pace in October versus 455,000 in September which has been revised 12,000 lower. August, which was originally reported at 504,000, was revised down a second time, 13,000 lower in the latest report to 453,000. Supply of new home sales for sales was steady, at 212,000 vs 210,000 and 207,000 in the prior two months. On a monthly sales basis, supply was at 5.6 months versus 5.5 months in both September and August.
New home sales came in at a lower-than-expected 458,000 pace in October versus 455,000 in September which has been revised 12,000 lower. August, which was originally reported at 504,000, was revised down a second time, 13,000 lower in the latest report to 453,000. Supply of new home sales for sales was steady, at 212,000 vs 210,000 and 207,000 in the prior two months. On a monthly sales basis, supply was at 5.6 months versus 5.5 months in both September and August.
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