2013 Economic Calendar
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New Home Sales
Released On 12/4/2013 10:00:00 AM For Oct, 2013
PriorPrior RevisedConsensusConsensus RangeActual
New Home Sales - Level - SAAR354 K403 K425 K380 K to 445 K444 K

Highlights
There are two new home sales reports today on Econoday due to the delayed effects of the government shutdown. There is one report for September and one report for October.

New home sales surged 25.4 percent in October to a very solid 444,000 million annual rate. This is the highest rate since early in the year.

Tight supply has been limiting sales all year. Due to the big jump in sales, supply at the October sales rate fell sharply to 4.9 months from 6.4 months.

A plus is that high home prices are not as much of a drag as they have been on sales. The median price fell a sharp 4.5 percent in October to $245,800.

Details for October show sales gains across regions led by the South which is by far the largest market for new homes.

One month is only one month, but the October new home sales report is a rare plus in what has been a run of weak news out of the housing sector.

Market Consensus before announcement
There are two new home sales reports today on Econoday due to the delayed effects of the government shutdown. There is one report for September data and one report for October data.

Home sales have been volatile in recent months due to uncertainty over mortgage rates. New home sales rebounded 7.9 percent in August after plunging 14.1 percent the month before. August's annualized rate of 421,000 was up 25.1 percent on a year-ago basis.

The median price was down 0.7 percent in the month to $254,600 which is the fourth monthly decline in a row. However, the price data are not repeat transactions and other (repeat transactions) measures show gains in home prices.

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
 
[Chart]
There is no question that lower interest rates boost home sales. Other factors also impact housing decisions, such as employment and income growth, and wealth stemming from stock market gains.
Data Source: Haver Analytics
 

 

2013 Release Schedule
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