New Home Sales: 7 Year Low
There was no good news whatsoever in today's New Home Sales Data:
• Sales of new-homes dropped nearly 4% in February.
• This is the lowest reading since June 2000, according to Commerce Department data.
• On a year-over-year basis, sales were down 18.3%.
• Inventories of unsold homes rose 1.5% to 546,000. This represents an 8.1-month supply. Marketwatch notes this is the largest inventory in relation to sales since January 1991.
• On a year-over-year basis, the inventory is up 26.6%.
• The median price rose 2.8% sequentially -- down 0.3% year-over-year basis, to $250,000.
This report is hard to reconcile with last week's Existing Home Sales; One of them is likely wrong, and I suspect the NAR prepared Existing Home Sales is the dud . . .
Monday, March 26, 2007 | 10:17 AM | Permalink
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>>I suspect the NAR one is a dud<<
BR-
Take into account how and where the numbers from the NAR report are taken from. I t also does not account for any cancellation activities. NAR=Head cheerleader for Realtors. How anything from them has ANY credibility left at this point is a mystery to me....are'nt we on the 8th or 9th month of a bottm according to them? LOL....
MS
Posted by: Michael Schumacher | Mar 26, 2007 10:26:29 AM
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