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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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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
| Released on 5/24/06 For Apr 2006 | ||||||||||||
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Highlights
New home sales proved stronger than expected in April, up 4.9 percent to an annual rate of 1.198 million units vs. expectations for 1.150 million. But sharp downward revisions to March (1.142 million vs. initial 1.213 million) and February (1.020 million vs. 1.066 million) more than offset the higher-than-expected April reading. The data include revisions to seasonally adjusted data back to January 2004.
Supply on the market fell back to 5.8 months at the current sales rate, down from 6.0 months in the March data and 6.4 months in February. Declining supply relative to sales points to rising prices. The median price for a new home did in fact rise, up 2.8% in April to $238,500 but still down from February's $247,400.
Regionally, April sales were strongest in the Northeast and South, while the West posted a small rise and the Midwest a small decline.
Treasuries dipped in reaction to the report, which is mostly strong despite the downward revisions to March and February. The data may make the bond market edgy ahead of tomorrow's existing homes sales data, though a strong housing market is a plus for the dollar.
New single-family home sales surged 13.8 percent in March to a 1,213,000-unit rate after plunging 10.9 percent in February. The MBA purchase index rose slightly in April after declining in March. The NAHB-Wells Fargo housing market index has been on the decline - suggesting less housing activity lately.
New home sales Consensus Forecast for Apr 06: 1,150,000-unit rate
Range: 1,075,000 to 1,215,000-unit rate
![[Chart]](chart.gif)
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There is no question that lower interest rates boost home sales. Other factors also impact housing decisisions, such as employment and income growth, and wealth stemming from stock market gains. |
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