New Home Sales Down 6.9% From Upwardly Revised December: Expect More Revisions
Sales of new single‐family houses in January 2019 were at a seasonally adjusted annual rate (SAAR) of 607,000, according to the Census Bureau's New Residential Construction Report for January.
This is 6.9 percent below the revised December rate of 652,000 and is 4.1 percent below the January 2018 estimate of 633,000.
Expect More Revisions
The bureau revised December up to 652,000 units from 621,000 units.
Huge regional percentage variances suggest more revisions are on the way.
- Northeast: 31,000 Units, -11.4%
- Midwest: 50,000 Units, -28.6%
- South: 342,000 Units, -15.1%
- West: 184,000 Units, +27.8%
Volatility is norm in the smaller regions where weather is also a big factor.
Mike "Mish" Shedlock