The Census Bureau collects new home sales...........A Gov Agency
Existing home sales data are provided by the National Association of Realtors.....
draw yr own conclusions.
dc CB 16:20:50 GMT - 05/24/2016
The Census Bureau collects new home sales based upon the following definition: "A sale of the new house occurs with the signing of a sales contract or the acceptance of a deposit." The house can be in any stage of construction: not yet started, under construction, or already completed. Typically about 25% of the houses are sold at the time of completion. The remaining 75% are evenly split between those not yet started and those under construction.
Existing home sales data are provided by the National Association of Realtors®. According to them, "the majority of transactions are reported when the sales contract is closed." Most transactions usually involve a mortgage which takes 30-60 days to close. Therefore an existing home sale (closing) most likely involves a sales contract that was signed a month or two prior.
Given the difference in definition, new home sales usually lead existing home sales regarding changes in the residential sales market by a month or two. For example, an existing home sale in January, was probably signed 30 to 45 days earlier which would have been in November or December. This is based on the usual time it takes to obtain and close a mortgage.e year the house was built or the year after it was built.
Mtl JP 15:25:33 GMT - 05/24/2016
so if U.S. New Homes Sales are a $1000 down + 2-3 month closing process, then the "Sales" part is a mis-characterization by too an eager and optimistic outfit.
Should go in file 13.
dc CB 15:18:26 GMT - 05/24/2016
Another week, and another quiet exodus by the "smart money" clients of Bank of America (hedge funds, institutionals and private money), who collective sold $218 million in stocks, the 17th consecutive week of selling completely oblivious of a market that "wants to go higher" according to Bob Pisani, and as BofA notes, "continuing the longest uninterrupted selling streak in our data history (since '08)."
Home sales in the NE, where the gains took place, were strong because that's where those who had made the most gains in SToX live. They sold out and bougth nice big new houses.
ps the Volume yesterday in SPY, the S&P ETF, was 58mil shares. That is Low even for the the 1/2 day session after Thanksgiving.
The volumes are so low, the market can be "moved" by a 7 yold with a swizzel stick.
dc CB 15:03:00 GMT - 05/24/2016
"The Future Fair ("A fair for all and no fair to anybody!")
While the fair is a smooth-running machine spouting revisionist historical/political dogma and doing its best to maintain order on the fairgrounds, nothing is what it seems""
There was a lot of headscratching in today's New Home Sales reported released moments ago by the Census Bureau. The head-scratching is most prevalent among the 75 economists who attempted to forecast this number... but missed by 17 standard deviations!!
Finally, adding fabricated data insult to intellectual injury, we learn that Americans - the same consumers who according to recent retail data are loath to even go out and buy clothes - rushed out to buy new homes in the month when the median new home sale price just hit an all time high of $321,100.
They are counting different items by different sources (NAR and U.S. govt)
Mtl JP 14:26:31 GMT - 05/24/2016
how different is it from 'Pending Home Sales Index - PHSI' An index created by the National Association of Realtors (NAR) that tracks homes sales in which a contract is signed but the sale has not yet closed - does this one refer to exclusively to used homes ?
GVI Trading Room john 14:22:59 GMT - 05/24/2016
contracts signed. You look at a house and say you want to buy it. You put up a token "binder", say $1K. and start the process of inspections, getting a mortgage etc. Deal can fall apart for a myriad of reasons. Its just the very first step in a transaction which can take 2-3 months.
Mtl JP 14:18:59 GMT - 05/24/2016
pray tell what exactly is the subtlety of "contracts signed" ?
GVI Trading Room john 14:18:39 GMT - 05/24/2016
Fed is likely to want to use this report to help justify a hike in rates, which they wanted to do anyway.
GVI Trading Room john 14:16:08 GMT - 05/24/2016
Fwiw New Homes Sales are just contracts signed. Existing Homes sales are actual closed transactions.
GVI Forex Blog 14:13:49 GMT - 05/24/2016
U.S. New Home Sales April 2016
New Homes Sales. Much stronger than forecast. Prior data revised higher.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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