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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 6/26/06 For May 2006 | ||||||||||||
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Highlights
New home sales proved stronger than expected for a second straight month, up 4.6% to an annual rate of 1.234 million units and nearly 90,000 above the median estimate. But once again there were downward revisions, totaling 46,000 in the prior two months.
Also offsetting the headline rise was a sharp 4.3% decline in the median price to $235,300, up a modest 3.1% on the year. Price gains for existing homes, data to be released tomorrow, have been running hotter. Supply of new homes on the market fell to 5.5 months from 5.8 months in April and well down from 6.4 months in February. Declining supply, a reflection of the cooling housing market, points to stable prices ahead.
Regionally, sales fell back in the Northeast but posted moderate gains in the other three regions.
Bonds dipped and the dollar and stocks firmed in reaction to the news. Though today's headline surprised on the upside, a cooling housing market remains a central feature of the economic outlook.
New single-family 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. 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.
New home sales Consensus Forecast for May 06: 1.145 million-unit rate
Range: 1.100 to 1.210 million-unit
![[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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