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.

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    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.
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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.

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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