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New home sales fall nearly 8% in December

By Ironman (97/100 = 97% civil)   2013 Jan 24, 11:52pm   ↑ like   ↓ dislike (3)   981 views   12 comments   watch (0)   share   quote  

New home sales slipped last month, according to the federal government, but were strong enough to cap 2012 as the best year since 2009.

New home sales fell 7.8% in December to an annual rate of 369,000, said the U.S. Census Bureau. That's compared to November's revised annual rate of 398,000 new home sales.

Last month's rate of sales was significantly lower than expectations. A consensus of economists surveyed by Briefing.com had forecast an annual rate of 385,000 new home sales.

http://money.cnn.com/2013/01/25/news/economy/new-home-sales/index.html

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1   Ironman (97/100 = 97% civil)   2013 Jan 25, 12:39am  ↑ like   ↓ dislike (3)   quote   top   bottom   home   share  

*December new homes sales, seasonally adjusted annualized, dropped from an upward revised 398K (was 377K) to 369K on expectations of a 385K print;
*That this was the biggest M/M drop since February 2011;
*That months supply rose from 4.5 to 4.9, the highest since January 2012;
*That on an unadjusted, actual basis, a tiny 26K houses were actually sold in December, compared to 24K last December, of which just 2K in the Northeast;
*That a whopping 1,000 houses were sold in the $750,000 and over category
*That houses for sale rose to 150K, the highest since December of 2011
*That the punditry already spun this as being due to lack of clarity over the Fiscal Cliff and tax hikes, when in reality with expectations of higher taxes, consumers would have spent more money on hard assets in December, but why not regurgitate generic stupidity...

Or we could just show this chart of the non-seasonally adjusted, unannualized New Home Sales in the past decade, and ask: just where is this recovery everyone keeps on talking about?

*

*
http://www.zerohedge.com/news/2013-01-25/new-home-sales-miss-expectations-post-biggest-drop-february-2011

2   Facebooksux   2013 Jan 25, 12:40am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

It's amazing how things look when you remove the "seasonally adjusted" bullshit.

http://www.zerohedge.com/news/2013-01-25/new-home-sales-miss-expectations-post-biggest-drop-february-2011

3   Facebooksux   2013 Jan 25, 12:40am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

OH GODDAMNIT CRAZY, YOU BEAT ME BY 1 min. LOLZ

4   RentingForHalfTheCost   2013 Jan 25, 1:29am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

no inventory because no sales. Go ahead, put your house up for sale. You might be lucky enough to find that one buyer if they haven't already bought your neighbours place first. ;) Opps

5   Ironman (97/100 = 97% civil)   2013 Jan 25, 1:38am  ↑ like   ↓ dislike (3)   quote   top   bottom   home   share  

Facebooksux says

OH GODDAMNIT CRAZY, YOU BEAT ME BY 1 min. LOLZ

Ha ha... you need to be quicker!! :)

6   HousingBoom   2013 Jan 25, 1:43am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

All that hype for that tiny blimp in the sales chart? Sheep will believe anything that comes out of the mainstream.

7   Ironman (97/100 = 97% civil)   2013 Jan 25, 1:46am  ↑ like   ↓ dislike (3)   quote   top   bottom   home   share  

Looks like the "Spring bounce" in the chart was a little better in 2012 compared to 2011, but wasn't as good as 2009 and 2010.

The question is, where will the next bottom be???

8   Ironman (97/100 = 97% civil)   2013 Jan 25, 1:49am  ↑ like   ↓ dislike (3)   quote   top   bottom   home   share  

HousingBoom says

All that hype for that tiny blimp in the sales chart? Sheep will believe anything that comes out of the mainstream.

I think that's right. Here is the big chart:

*

*
Recovery.... hmmm??

9   tatupu70   2013 Jan 25, 1:50am  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

Don't forget that you're talking about new home sales only. They only represent a small fraction of the housing market.

10   HousingBoom   2013 Jan 25, 1:52am  ↑ like (1)   ↓ dislike   quote   top   bottom   home   share  

tatupu70 says

Don't forget that you're talking about new home sales only. They only represent a small fraction of the housing market.

Anyone have the existing home sales chart? I am sure it will look somewhat similar

11   RentingForHalfTheCost   2013 Jan 25, 2:16am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

tatupu70 says

Don't forget that you're talking about new home sales only. They only represent a small fraction of the housing market.

Keeping looking for the positive news. Only one direction from here. What is the next gambit of tricks from the Fed? negative interest rates? Pay until you die loans? They could wrap a mortage and life insurance together as the ultimate debt slavery sentence. Have a mortgage for your full life! You are American and deserve it. Hey, maybe they will come up with a family style mortgage that can extend generations. A 200 yr mortgage! That might create another small blip that we can cheer about.

12   tatupu70   2013 Jan 25, 2:33am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

RentingForHalfTheCost says

Keeping looking for the positive news

I am naturally optimistic. But I just wanted to put this data in perspective.

I'll try to find a similar graph for used house sales like housing boom suggested.

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