Friday , July 19 2019
Home / Mish's Global Economic / New Home Sales Down 6.9% From Upwardly Revised December: Expect More Revisions

New Home Sales Down 6.9% From Upwardly Revised December: Expect More Revisions

Summary:
Six days ado the Census Department reported on December sales. Today we have January sales. It's been a wild ride. Sales of new single‐family houses in January 2019 were at a seasonally adjusted annual rate (SAAR) of 607,000, according to the Census Bureau's New Residential Construction Report for January. This is 6.9 percent below the revised December rate of 652,000 and is 4.1 percent below the January 2018 estimate of 633,000. Expect More Revisions The bureau revised December up to 652,000 units from 621,000 units. Huge regional percentage variances suggest more revisions are on the way. Northeast: 31,000 Units, -11.4% Midwest: 50,000 Units, -28.6% South: 342,000 Units, -15.1% West: 184,000 Units, +27.8% Volatility is norm in the smaller regions where weather is also a big factor.

Topics:
Mike Shedlock considers the following as important:

This could be interesting, too:

Mike Shedlock writes Half-Point Rate Cut Odds Explode to 71% – So What? It Doesn’t Matter!

Mike Shedlock writes Leading Economic Indicators (LEI) Unexpectedly Dive Into Negative Territory

Mike Shedlock writes Junk Bond Bubble in Pictures: Deflation Up Next

Mike Shedlock writes Housing Slowly Rolling Over: June Permits Down 6.1%, Starts Down 0.9%

Six days ado the Census Department reported on December sales. Today we have January sales. It's been a wild ride.

Sales of new single‐family houses in January 2019 were at a seasonally adjusted annual rate (SAAR) of 607,000, according to the Census Bureau's New Residential Construction Report for January.

This is 6.9 percent below the revised December rate of 652,000 and is 4.1 percent below the January 2018 estimate of 633,000.

Expect More Revisions

The bureau revised December up to 652,000 units from 621,000 units.

Huge regional percentage variances suggest more revisions are on the way.

  • Northeast: 31,000 Units, -11.4%
  • Midwest: 50,000 Units, -28.6%
  • South: 342,000 Units, -15.1%
  • West: 184,000 Units, +27.8%

Volatility is norm in the smaller regions where weather is also a big factor.

Mike "Mish" Shedlock

Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Leave a Reply

Your email address will not be published. Required fields are marked *