2015 - It Was a Very Good Year . . .
While GDP, CPI and PCE all appear to have ended the year flat, employment continued to grow, reflecting notable job gains in professional and technical services, health care and construction. Employment in construction rose by 46,000 in November with much of the increase occurring in the residential sector. Over the 12-month period ending November, construction employment grew by 259,000, nationally. Coincidentally, housing starts were at an annual rate of 1.173 million units in November reflecting a 16.5% year-over-year jump, and completions were up 9.2% y/y.
Ergo, it was no surprise to see new home sales rebounding in November to an annual rate of 490,000, led by a strong surge in the West, which enjoyed a 20.5% year-over-year increase. While the median sales price for new homes ($305,000) was relatively flat year-over-year, the average price ($374,900) showed a 6.2% y/y jump, suggesting strong demand at the top of the market.
Conversely . . .
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