U.S. New Home Sales Slip in December
January 27 2020 - 10:30AM
Dow Jones News
By Eric Morath
WASHINGTON--Sales of newly built, single-family fell in December
from the prior month. Here are key details from the Commerce
Department's report, published Monday:
--U.S. new-home sales decreased 0.4% from November to a
seasonally adjusted annual rate of 694,000 units in December.
Economists surveyed by The Wall Street Journal expected a sales
pace of 730,000 in November.
--The rate of new-home sales in November was revised down to a
rate of 697,000 from an initial estimate of 719,000.
--For all of 2019, 681,000 new homes were sold, the most in a
year since 2006. The number of homes sold annually has trended up
since 2011, but remains well below 1.28 million peak set in 2005
during the housing boom that preceded the financial crisis and
recession.
--The number of newly built, single-family homes for sale in
December would last 5.7 months at the current pace, down from 7.4
months a year earlier.
--The median sale price of a new home in December was $331,400,
up from the same month a year ago, when the sale price was
$329,700.
--Monthly data can be volatile and subject to revisions. The
December decrease in new-home sales carried a margin of error of
plus or minus 15.1 percentage points.
--The housing market improved this year, in part reflecting
historically low unemployment and Federal Reserve interest-rate
cuts that have made mortgage rates more affordable for some home
buyers.
--A copy of the full report is available at:
http://www.census.gov/construction/nrs.
(END) Dow Jones Newswires
January 27, 2020 10:15 ET (15:15 GMT)
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