December New Home Sales to be released at 10:00am EST. Consensus estimates put December New Home Sales at 1.055m, up from November’s 1.047m.
New Home Sales data will be available via the U.S. Census Bureau, and can be found here:
Sales of new U.S. homes jumped by 4.8% in December to a seasonally adjusted annual rate of 1.12 million, the highest level since April, the Commerce Department reported Friday. Warm weather, low interest rates and aggressive discounting by builders boosted sales far beyond the 1.07 million rate expected by economists. Sales have risen in four of the past five months. Compared with December 2005, December 2006 sales were down 11%. For all of 2006, sales plunged 17.3% to 1.061 million, the largest percentage loss since 1990. In December, the number of unsold new homes on the market fell 0.9% to 537,000. The median sales price of $235,000 in December was down 1.3% compared with a year earlier.
From the AP:
Sales of new homes plunged in 2006 by the largest amount in 16 years as the nation’s housing industry suffered through a sharp contraction after five boom years.
The Commerce Department reported that sales of new single-family homes totaled 1.06 million units for all of 2006, down 17.3 percent from the all-time high for sales of 1.28 million units set in 2005.
After setting sales records for five straight years, sales of both new and existing homes suffered sharp declines last year, and that has caused ripple effects throughout the whole economy.