Published: 2024-01-18T19:32:34.000Z
Preview: Due January 25 - U.S. December New Home Sales - Correcting higher
Senior Economist , North America
-
We expect a December new home sales total of 645k, which would be a 9.3% increase if November’s 12.2% decline to 590k is unrevised. November’s outcome was a 12-month low.
Most indicators of housing demand had been trending lower for some time through November, though are now showing signs of finding a base after recent declines in mortgage rates. November’s weak data was consistent with survey evidence for that month, but the drop was largely seen in the South, which is the largest region, and is likely to lead a correction higher in December.
We expect the median and average prices to slip by 1.0% on the month. Yr/yr data would then fall to -10.2% from -6.0% for the median and to -14.9% from -7.3% for the average.
