Home sales show strong increase in December
The U.S. Census Department's monthly report shows home sales were up 17.5 percent from November.
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for December showing an unusually strong increase of 17.5% in sales nationally since November as a direct result of a strikingly errant 71.9% monthly increase in sales in the West region.Skip to next paragraph
Writer, The PaperEconomy Blog
'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
Subscribe Today to the Monitor
Clearly, we will have to wait a month or so to see how this truly shakes out but the report indicated that sales in the Northeast slid while sales in the South and Midwest moved up only slightly.
Typically, the first quarter brings the most active sales for the new home market while December is marginal at best.
What is responsible for this explosive sales level in the West will have to be determined but for now let's take the 90% confidence interval of + or - 31.2% for what it's worth and wait for the revisions.
On a year-over-year basis, new single family home sales declined 7.6% while the monthly supply declined 11.5% to 6.9 months.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.