New Home Sales: Lowest Reading Since 1995

Wednesday, March 26, 2008 | 01:34 PM

I've been on calls all morning, didn't get a chance to follow up with the New Home Sales. Here are some highlights from the data:

February 2008 saw a drop of 1.8% from January 2008 (±15.0%) in terms of seasonally adjusted, annualized data; This was not a statistically significant number, given the margin of error.

Year-over-year, the drop was 29.8% below the February 2007 data (±9.6% means this is significantly significant). 

Sales have fallen four months in a row

The Median and Average sales price of new houses in February 2008 was $244,100 and $296,400 respectively. Median sales price fell 2.7% in the past year to $244,100.

Sales of new homes in the United States fell to a 13-year low 

Sales figures are overstate due to the omission of the "ballooning number of sales that have been cancelled."

February's supply of new homes on the market hit a 27-year high; Inventories are likely understated, also because of cancellations.

The pace of sales has slowed, leading  Inventory represented a 9.8-month supply at the February sales rate, unchanged from January and the highest since 1981.

The number of completed homes for sale fell for the second straight month, standing at 188,000 after peaking in December at 197,000. 

• A few pieces of encouraging data: The number of homes on the market dropped by 2.1% to 471,000, the lowest since July 2005. Also, s ales in January and December were revised modestly higher;


Check out the two charts below:  I particularly like the cool chart from Brian Jacobs, pricing Median Home Prices in terms of Gold (ounces):



Courtesy of Barron's Econoday


Commerce Dept, March 26, 2008

New-home sales fall to 13-year low
Rex Nutting
MarketWatch, 10:53 a.m. EDT March 26, 2008

Wednesday, March 26, 2008 | 01:34 PM | Permalink | Comments (20) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference New Home Sales: Lowest Reading Since 1995:


that protest at bear is the NACA

neighborhood assistance corporation of america...

Nice.... a little class warfare...

call the national guard...

Posted by: Eric Davis | Mar 26, 2008 1:42:47 PM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™