Pace of New U.S. Home Sales Soars Following Downward RevisionDecember 22, 2017
With the preliminary pace of new single-family home sales in the U.S. having been revised down from a 6.2 percent gain in October to a 1.7 percent decline, the seasonally adjusted rate jumped 17.5 percent from 624,000 October to 733,000 in November, which is 26.6 percent above the pace at the same time last year.
The November pace was 12.3 percent above the long-term average for this time of the year (653,000), at least preliminarily, as we noted last month as well, but still 39.6 percent below the record-high pace of 1,214,000 as measured in October which was set in 2005.
At the same time, the number of new single-family homes for sale across the county held at 283,000 and remains the most available inventory since June of 2009 and 14.1 percent higher versus the same time last year.
In the West, the annual pace of new single-family home sales jumped 31.1 percent to 194,000 in November, which is 22.8 percent higher versus the same time last year, while the pace of existing home sales in the West declined.
Comments from Plugged-In Readers
“having been revised down from a 6.2 percent gain in October to a 1.7 percent decline”
Is this degree of flip-flopping normal? I know GDP figures often undergo such transformations, but that’s a complex measure, requiring numerous estimates and sampling issues; I would think “home sales” would be quite straight forward.
At any rate, suffice it to say it removes most of the excitement from the seeming improvement in November.
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