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 . . .

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