New Home Sales Jump 4.4%, But Last Month’s Number Got Revised Down

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New home sales climbed 4.4 per cent in November to 377k.However, this gain comes on top of last month’s 361k number, which was revised down from a preliminary reading of 368k.

Economists were expecting November sales to climb 3.3 per cent to 380k.

So, while the pace of growth was better than expected, the level of sales was a bit light.

From the Census:

Sales of new single-family houses in November 2012 were at a seasonally adjusted annual rate of 377,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.4 per cent (±16.8%)* above the revised October rate of 361,000 and is 15.3 per cent (±18.7%)* above the November 2011 estimate of 327,000.

The median sales price of new houses sold in November 2012 was $246,200; the average sales price was $299,700. The seasonally adjusted estimate of new houses for sale at the end of November was 149,000. This represents a supply of 4.7 months at the current sales rate.

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