US new home sales for the month of December 2019
- Prior month report. Last month the sales pace was lower than expectations at 719K vs 730K estimate. The prior month was revised lower to 697K vs 719K.
- Last week the existing home sales came in stronger than expectations. Existing home sales accounts for about 90% of US home sales.
- New home sales falls to 694K. That is much weaker than the 730K estimate
- supply of new homes 5.7 months versus 5.5 months
- 2019 home sales rose 10.3% year on year to 681K
- medium home price rises 0.5% YoY to $331,400
- 5 month low for new home sales
- average selling price rose to $384,500 versus $377,600 in November (year on year +0.7%)
- 19% of the new homes sold in December cost more than 500,000. That is up from 18% prior month
- Northeast 30,000 versus 34,000 last month
- Midwest 76,000 versus 69,000 last month
- South 347,000 versus 410,000 last month
- West 241,000 versus 184,000 last month
- There are 327,000 new homes on the market versus 322,000 last month
The report is somewhat surprising given the strength in the existing home sales. Nevertheless the sales pace remains near high levels. Housing remains fairly strong with a low supply. The problem