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Sales of new
single-family homes fell by 10,000 units (2.1 percent) to 464,000 (SAAR ) in November. October’s 474,000 units was the
fastest sales rate since July 2008. Meanwhile, the median price of new homes
sold jumped by $11,700 (4.5 percent) to $270,900; prices are $8,400 (3.0
percent) below their April peak. Despite starts significantly outpacing sales
in November, the three-month average starts-to-sales ratio ticked lower (to 1.43).
Click here
for our post on November housing permits, starts and completions.
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Although
single-unit completions fell faster (-20,000 units or 3.3 percent) than sales (-10,000
units or 2.1 percent) in November, new-home inventory retreated by 0.2 month-of-sales
while the absolute number of homes for sale dropped by 12,000 units.
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Existing home sales
slid lower for a third month, dropping by 220,000 units (4.3 percent) to 4.9
million units (SAAR) in November; as a result, the share of total sales
comprised of new homes nudged up to 8.7 percent
the largest proportion of sales since August 2009. The median price of previously
owned homes sold in November edged lower (by $1,200 or 0.6 percent), to $196,300.
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Although
the median price of existing homes for
sale ticked higher in October ($1,000 higher than in September), housing
affordability was not adversely affected. Concurrently, Standard & Poor’s
reported that both the 10- and 20-City Composites in the S&P/Case-Shiller Home
Price indices posted not-seasonally adjusted monthly gains of 0.2 percent in October
(13.6 percent relative to a year earlier). While the year-over-year
appreciation rate was the fastest since February 2006, the monthly gain was the
slowest since February 2013. The combination of a lower median home price and
slowing gains in the monthly home price index suggests the housing market is
more fragile than is commonly understood.
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The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
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