U.S. December New Home Sales - Continuing to reverse October dip
December new home sales with a 3.6% rise to 698k have continued a recovery from a hurricane-induced dip in October and keep the housing market looking firm, if remaining below September’s 726k level.
Housing sector data remains generally firm with the NAHB homebuilder’s index picking up in January, though with expectations for Fed easing having faded there are downside risks going forward.
A 15.3% decline in October was led by the South where the hurricane impact was concentrated. November’s 9.3% rise was led by the South and Midwest which both saw modest slippage in December, outweighed by gains in the Northeast and West which both slipped in November.
Prices were firmer in December, the median rising by 6.1% after a 5.4% November dip and the average rising by 5.9% after a 7.8% November dip.
Yr/yr growth is only moderate, the median at 2.1% from, -6.3% in November, and the average at 4.2% from -0.8% in November.
