ECON: New Home Sales Much Higher Than Expected
- Sales 464k vs 445k forecast, 474k previously
- 474k in October revised up from 444k
- October increase was largest since 1992
- Prices surged to 270,900 from 259,200
- Market Reaction: None (seriously... it's a holiday thing). Stretching to apply cause and effect, you could say that "bond markets remain near weaker levels after strong housing data," but you would be stretching.
Sales of new single-family houses in November 2013 were at a seasonally adjusted annual rate of 464,000, according to
estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 2.1 percent (±21.3%)* below the revised October rate of 474,000, but is 16.6 percent (±29.4%)* above the
November 2012 estimate of 398,000.
The median sales price of new houses sold in November 2013 was $270,900; the average sales price was $340,300. The
seasonally adjusted estimate of new houses for sale at the end of November was 167,000. This represents a supply of 4.3
months at the current sales rate.