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    New Home Sales June 2011

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    Jessica Kister-Lombardo
    New Home Sales fell 2.1% in May to an annualized pace of 319k. Inventory of new homes available for sale fell 3.5% in May to a record low level of 166k. Demand remains constrained by slow job growth, tight credit and rising energy prices.

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    New Home Sales June 2011

    Uploaded by

    Jessica Kister-Lombardo
    64 views1 page
    New Home Sales fell 2.1% in May to an annualized pace of 319k. Inventory of new homes available for sale fell 3.5% in May to a record low level of 166k. Demand remains constrained by slow job growth, tight credit and rising energy prices.

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    New Home Sales fell 2.1% in May to an annualized pace of 319k. Inventory of new homes available for sale fell 3.5% in May to a record low level of 166k. Demand remains constrained by slow job growth, tight credit and rising energy prices.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    64 views1 page

    New Home Sales June 2011

    Uploaded by

    Jessica Kister-Lombardo
    New Home Sales fell 2.1% in May to an annualized pace of 319k. Inventory of new homes available for sale fell 3.5% in May to a record low level of 166k. Demand remains constrained by slow job growth, tight credit and rising energy prices.

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    SALES SLIP, RECORD LOW INVENTORY

    New Home Sales Thursday June 23, 2011


    20 10 400 Monthly % Change 0 -10 -20 -30 -40 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11
    Monthly % Change Sales (Thousands of Units)

    450

    Thousands of Units

    350

    300

    250

    Record High: 1389k (07/05)

    Percent Change from Record High: -77.0%

    New home sales fell 2.1% in May to an annualized pace of 319k, which was a bit better than an expected pace of 310k. Moreover, even with the decline last month, new home sales are 13.5% above their year ago level in May 2010. Nevertheless, at just over a 300k annual rate in the past three months, new home sales remain at an exceptionally weak level. Regionally, sales were mixed with a large 26.7% decline in the Northeast, a modest decline of 3.5% in the West and a gain of 2.4% in the South. Sales in the Midwest were unchanged on the month. The inventory of new homes available for sale fell 3.5% in May to a record low level of 166k which represents a 6.2 month-supply at the current sale pace. Such low inventory levels will support pricing and the potential for new residential construction when demand picks up. Home prices did fall from one year ago; median sales prices were down 3.4% from May 2010 to $222,600 as average prices declined 5.2% to $266,400. New home sales remain quite slow and continue to face competition from the large number of distressed properties on the market. Demand remains constrained by slow job growth, tight credit and rising energy prices. It will be a rebound in the broader economy that would restore demand drivers and get homebuilding and new home sales back on track. THOUSANDS OF UNITS
    Forecast: Consensus*: Actual: 305k 310k 319k Monthly May-11 319 -2.1 22 -26.7 42 0.0 172 2.4 83 -3.5 166 6.2 222.6 -3.4 266.4 -5.2 Apr-11 326 6.5 30 11.1 42 7.7 168 0.0 86 19.4 172 6.3 217.0 4.2 265.0 -2.0 Mar-11 306 8.9 27 42.1 39 25.8 168 -1.2 72 18.0 177 6.9 219.5 -2.4 257.3 -2.1 Feb-11 281 -9.4 19 -42.4 31 -26.2 170 4.3 61 -15.3 182 7.8 220.1 -0.8 262.8 -7.5 Three Month 317 Six Month 312 Twelve Month 302 Average for 2010 321 -14.1 31 -2.7 45 -17.7 173 -14.5 74 -15.3 190 8.0 221.2 3.1 271.5 1.2 2009 374 -22.4 31 -11.1 54 -21.8 202 -23.8 87 -22.9 234 9.0 214.5 -6.9 268.2 -7.2 Five Year 599 Ten Year 845

    New Home Sales (percent change) Northeast (percent change) Midwest (percent change) South (percent change) West (percent change) Inventory Months of Supply Median Sales Price ($000) (year-on-year % change) Average Sales Price ($000) (year-on-year % change)

    26 41 169 80

    26 39 168 80

    28 40 165 69

    45 89 321 143

    60 140 421 224

    172 6.5 219.7 -0.7 262.9 -3.2

    179 6.9 226.8 2.6 269.8 -2.5

    192 7.7 222.5 2.2 267.0 -2.7

    362 8.5 230.6

    376 6.3 215.4

    288.2

    268.2

    Source: Bureau of the Census, Department of Commerce Via Haver Analytics. Data, graph & table courtesy of Insight Economics *Bloomberg 2011 HousingMatrix, Inc.| http://www.HousingMatrix.com | All rights reserved. Reproduction and/or redistribution are expressly prohibited. Hot Sheet is a registered trademark of HousingMatrix, Inc. Information contained herein is based on sources believed to be reliable, but accuracy is not guaranteed.

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