March New Home Sales

March New Home Sales, a measure of=20
contract signings of new homes, totaled 356k annualized, almost 20k more tha=
expected and Feb was revised up by 21k. Months supply fell to 10.7 from 11.2=
its the lowest since Oct. Jan saw the high in this cycle when it reached 12.=
The absolute # of homes for sale fell to 311k from 328k to the lowest since=20=
’02. While 10.7 is an improvement and step in the right direction, 6 months=20=
the 30 year average so we still have a ways to go. The median price fell 12.=
y/o/y and 3.5% sequentially. This, the drop in rates and a seasonal strong=20
period likely helped. The West was the only region that saw a rise while the=
South was flat. Both those areas in particular have seen big competition fro=
foreclosures so its interesting to see some interest in new homes. The=20
Northeast, which is playing catch up on the downside to the rest of the nati=
saw sales fall by 9k to 19k. The Midwest region fell by 4k.




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