Biggest Drop in New Home Sales in Over 10 Years
Today the Census Bureau reported the annual pace of new home sales had dropped to 1.25 million from the record high of 1.4 million the month before. This represents an 11% drop which last occurred in February 1995.
Some other highlights:
Northeast new home sales were actually up from 82,000 to 93,000 up 13.4%
West was down 22.1% from 439,000 to 342,000.
The supply of new homes is also at the highest point of the year with 4.9 month supply.
Overall new home sales are still above last years November levels of 1,175.
This may be another sign of a cooling housing market or the figures from the month before are flawed as they were a surprise to most economist who did not expect such a large jump.
Download the latest new home sales data on xls.
Some other highlights:
Northeast new home sales were actually up from 82,000 to 93,000 up 13.4%
West was down 22.1% from 439,000 to 342,000.
The supply of new homes is also at the highest point of the year with 4.9 month supply.
Overall new home sales are still above last years November levels of 1,175.
This may be another sign of a cooling housing market or the figures from the month before are flawed as they were a surprise to most economist who did not expect such a large jump.
Download the latest new home sales data on xls.
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