US new home sales dip in December, but trend continues to point higher
By Alexander Bueso
Date: Monday 27 Jan 2020
(Sharecast News) - The pace of new home sales in the States was little changed at the end of 2019, but remained quick overall, with the data pointing to continued sustained growth.
According to the Department of Commerce, in seasonally adjusted terms, new home sales dipped by 0.4% month-on-month to reach an annualised pace of 694,000.
Versus a year ago on the other hand, new home sales were 20.3% higher, although that was less the 730,000 pace which economists had anticipated.
And November's reading was revised lower too, from a preliminary print of 719,000 to 697,000.
In parallel, the inventory of homes available for sales increased from 5.5 months' worth to 5.7 months.
The average sales price meanwhile increased from $377,600 in November to $384,500 for December.
"As as well as the disappointing December headline, sales for the previous three months were revised down by a total of 32K. But this does not change the big picture," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
"The trend in new home sales is increasing, tracking the rising trend in mortgage applications."
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