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New Home Sales Still Capped by Post-Meltdown Ceiling

Tuesday, December 23, 2014

Sales of new homes fell in November, coming in 1.6 percent below sales the previous month.  The U.S. Census Bureau and the Department of Housing and Urban Development said today that November sales were at a seasonally adjusted annual rate of 438,000 units compared to the revised October rate of 445,000 units.  The revision to the October number, bringing it down from the originally reported 458,000 units, also wiped out the earlier estimate of a 0.7 percent increase from September.

The November number was slightly higher than for new home sales one year earlier.  The seasonally adjusted annual rate in November 2013 was 445,000.  Despite the year-over-year gain, the longer term trend is not only flat, but also consistently capped by a maximum annual pace of 459k since the beginning of 2013.

 

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