Monday , July 6 2020
Home / Mish's Global Economic / New Home Sales, Essentially Flat, Crush Expectations

New Home Sales, Essentially Flat, Crush Expectations

Summary:
The U.S. Census Bureau announced new residential sales statistics for April 2020.Key StatisticsNew Home Sales Sales: 623,000 at a seasonally adjusted annual Rate (SAAR). This is 0.6 percent above the revised March rate of 619,000, but is 6.2 percent  below the April 2019 estimate of 664,000.Sales Price: The median sales price of new houses sold in April 2020 was 9,900. The average sales price was 4,500.For Sale Inventory and Months’ Supply: The seasonally-adjusted estimate of new houses for sale at the end of April was 325,000. This represents a supply of 6.3 months at the current sales rate.  Revision NoticeWith this release, seasonally adjusted estimates of housing units sold, housing units for sale, and the  months' supply of new housing have been revised back to January

Topics:
Mike Shedlock considers the following as important:

This could be interesting, too:

Mike Shedlock writes There is No Recovery in the Aerospace Industry

Mike Shedlock writes All In, All Out, Why Not?

Mike Shedlock writes Worrisome Covid Mutation Is More Contagious

Mike Shedlock writes Trump Extends Payroll Protection Program Another Five Weeks

The U.S. Census Bureau announced new residential sales statistics for April 2020.

Key Statistics

  • New Home Sales Sales: 623,000 at a seasonally adjusted annual Rate (SAAR). This is 0.6 percent above the revised March rate of 619,000, but is 6.2 percent  below the April 2019 estimate of 664,000.
  • Sales Price: The median sales price of new houses sold in April 2020 was $309,900. The average sales price was $364,500.
  • For Sale Inventory and Months’ Supply: The seasonally-adjusted estimate of new houses for sale at the end of April was 325,000. This represents a supply of 6.3 months at the current sales rate.  

Revision Notice

With this release, seasonally adjusted estimates of housing units sold, housing units for sale, and the  months' supply of new housing have been revised back to January 2015. 

March Revision

The Census Bureau revised March from 627,000 units SAAR to 619,000 SAAR. Factoring out the revision, sales fell by 0.6%. 

Let's call the whole thing "essentially flat". 

New Home Sales April 2020 Detail

New Home Sales, Essentially Flat, Crush Expectations

Expectations Crushed

Bloomberg Econoday economists missed the marke badly this month.

The consensus estimate was 495,000 SAAR. 

Stocks are flying on this "beat the street" performance. The Dow is up 2.7%, the S&P 500 up 1.9%, and the Nasdaq up .7% as of Noon central.

Mish

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 *