by Calculated Risk on 1/26/2007 10:09:00 AM

According to the Census Bureau report, New Home Sales in December were at a seasonally adjusted annual rate of 1.12 million. Sales for November were revised up to 1.069 million, from 1.047 million. Numbers for September and October were revised downwards.


Click on Graph for larger image.
Sales of new one-family houses in December 2006 were at a seasonally adjusted annual rate of 1,120,000... This is 4.8 percent above the revised November rate of 1,069,000, but is 11.0 percent below the December 2005 estimate of 1,259,000.


The Not Seasonally Adjusted monthly rate was 76,000 New Homes sold. There were 87,000 New Homes sold in December 2005.

On a year over year NSA basis, December 2006 sales were 12.6% lower than December 2005. Also, December '06 sales were below December 2004 (83,000).


The median and average sales prices were mixed. Caution should be used when analyzing monthly price changes since prices are heavily revised.

The median sales price of new houses sold in December 2006 was $235,000; the average sales price was $290,100.


The seasonally adjusted estimate of new houses for sale at the end of December was 537,000.

The 537,000 units of inventory is slightly below the levels of the last six months. Inventory numbers from the Census Bureau do not include cancellations - and cancellations are at record levels. Actual New Home inventories are much higher - some estimate about 20% higher.


This represents a supply of 5.9 months at the current sales rate.


More later today on New Home Sales.