by Calculated Danger on 11/26/2024 10:00:00 AM
The Census Bureau studies New House Gross sales in October had been at a seasonally adjusted annual price (SAAR) of 610 thousand.
The earlier three months had been revised down, mixed.
Gross sales of recent single-family homes in October 2024 had been at a seasonally adjusted annual price of 610,000, in accordance
to estimates launched collectively in the present day by the U.S. Census Bureau and the Division of Housing and City
Improvement. That is 17.3 % under the revised September price of 738,000 and is 9.4 % under the October 2023 estimate of 673,000.
emphasis added
Click on on graph for bigger picture.
The primary graph reveals New House Gross sales vs. recessions since 1963. The dashed line is the present gross sales price.
New house gross sales had been under pre-pandemic ranges.
The second graph reveals New House Months of Provide.
The months of provide elevated in October to 9.5 months from 7.7 months in September.
The all-time document excessive was 12.2 months of provide in January 2009. The all-time document low was 3.3 months in August 2020.
That is nicely above the highest of the traditional vary (about 4 to six months of provide is regular).
“The seasonally-adjusted estimate of recent homes on the market on the finish of October was 481,000. This represents a
provide of 9.5 months on the present gross sales price.”
Gross sales had been nicely under expectations of 730 thousand SAAR, and gross sales for the three earlier months had been revised down, mixed. I will have extra later in the present day.
