MetroIntelligence Economic Update by P. DUFFY
New home sales up 12.4 percent in November but fell 14.0 percent year-on-year
Sales of new single‐family houses in November 2021 were at a seasonally adjusted annual rate of 744,000. This is 12.4 percent above the revised October rate of 662,000, but is 14.0 percent below the November 2020 estimate of 865,000. The seasonally‐adjusted estimate of new houses for sale at the end of November was 402,000. This represents a supply of 6.5 months at the current sales rate
Personal spending jumps 0.6 percent in November, personal income up 0.4 percent
In November, both personal income and disposable personal income increased 0.4 percent while personal consumption expenditures (PCE) increased 0.6 percent, leading to a decline in the personal savings rate to 6.9 percent. Spending on services increased 0.5 percent, while spending on goods decreased 0.8 percent.