New home sales inching back up
New home sales rose by 11.1 percent in March. Still, new home sales have declined substantially since last year.
This chart shows new single family home sales from November 2003 to the present. Numbers from March show that new home sales are increasing but still stuck in a double-dip.
SoldAtTheTop
Today, the U.S. Census Department released its monthly New Residential Home Sales Report for March showing a notable monthly jump with sales increasing 11.11% since February but still declining 21.88% below the level seen a year earlier to 300K SAAR units.
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'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.
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These results, while strengthening a bit off of last months horrendous results still clearly indicate that the nation's housing markets are now firmly entrenched in a double-dip and come fully in-line with the other pitiful housing data-points I have outlined in past weeks.
The monthly supply declined to 7.3 months while the median selling price declined a notable 4.89% and the average selling price declined a notable 6.12%.
The following chart show the extent of sales decline to date (click for full-larger version).
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