March New Home Sales, a measure of=20
contract signings of new homes, totaled 356k annualized, almost 20k more tha=
n=20
expected and Feb was revised up by 21k. Months supply fell to 10.7 from 11.2=
and=20
its the lowest since Oct. Jan saw the high in this cycle when it reached 12.=
5.=20
The absolute # of homes for sale fell to 311k from 328k to the lowest since=20=
Jan=20
’02. While 10.7 is an improvement and step in the right direction, 6 months=20=
is=20
the 30 year average so we still have a ways to go. The median price fell 12.=
2%=20
y/o/y and 3.5% sequentially. This, the drop in rates and a seasonal strong=20
period likely helped. The West was the only region that saw a rise while the=
=20
South was flat. Both those areas in particular have seen big competition fro=
m=20
foreclosures so its interesting to see some interest in new homes. The=20
Northeast, which is playing catch up on the downside to the rest of the nati=
on,=20
saw sales fall by 9k to 19k. The Midwest region fell by 4k.

 

 

 

Category: Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

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