December New Residential Single Family Home Sales decreased by -7.3%, or 369,000 annualized sales. The decline wipes out November's revised 9.3% increase. As we've repeatedly cautioned, beware of this report for most months the change in sales is inside the statistical margin of error and will be revised.
NAR reported their December 2012 Existing Home Sales. Existing home sales decreased -1.0% from last month and inventories are down to an absurdly tight 4.4 months of supply. Existing homes sales have increased 12.8% from a year ago. While this is the highest annual increase in five years, existing home sales on a monthly basis are not to even 2009 levels.
October New Residential Single Family Home Sales decreased -0.3%, or 368,000 annualized sales. July through September were all revised considerably lower. September was revised down from 389,000 to 369,000, which instead of the originally reported 5.7% increase gives a 0.8% change from August.
The September 2012 S&P Case Shiller home price index shows a 3.0% price increase from a year ago for over 20 metropolitan housing markets and a 2.1% change for the top 10 housing markets from September 2011.
September New Residential Single Family Home Sales increased 5.7%, or 389,000 annualized sales. June through August were all revised. August's single family new home sales were revised from 373 thousand to 368 thousand homes sold, which is a -1.3% decline instead of the -0.3% originally reported. June is now a -2.4% drop from May, or 360,000 homes and July now shows a 3.6% increase to 373,000.
August New Residential Single Family Home Sales declined by -0.3%, or 373,000 annualized sales. July's single family new home sales were not revised from their 3.6% increase. The August monthly percentage change has a ±9.3% error margin and this is why we see large revisions to new home sales figures. In other words, don't get too attached to the monthly percentage changes for odds are they will be revised.
The June 2012 S&P Case Shiller home price index shows a 0.5% price increase from a year ago for over 20 metropolitan housing markets and a 0.1% change for the top 10 housing markets from June 2011. Not seasonally adjusted home prices are now comparable to July 2003 levels for the composite-20 and September 2003 for the composite-10.
July New Residential Single Family Home Sales increased by 3.6%, or 372,000 annualized sales. June's single family new home sales were significantly revised up, from -8.4% to -3.6%. The July monthly percentage change has a ±14.1% error margin and this is why we see large revisions to this report constantly.
The May 2012 S&P Case Shiller home price index shows a -0.7% price drop from a year ago for over 20 metropolitan housing markets and a -1.0% decline for the top 10 housing markets from May 2011. This is the smallest annual price decline in 18 months.
June New Residential Single Family Home Sales declined by -8.4%, or 350,000 annualized sales. This monthly percentage change has a ±12.4% error margin. May's single family new home sales were significantly revised down, from +7.6% to +6.7%, or 382,000 annualized sales. April was revised up to 358,000 from 343,000 as was March, to 352,000.
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