New Home Sales Slump, Supply Expands for February

New home sales fell 4.6% in February to a seasonally adjusted annual rate of 411,000, according to a Department of Housing and Urban Development report (link opens a PDF) released today.

After a whopping 15.6% jump in January, market analysts had expected only a slight drop to 425,000.

Source: census.gov. 

In other news, median home prices moved up 3% to $246,800 while overall housing supply expanded 4.8% to 4.4 months at the current sales rate.

Economists have recently pointed to a lack of supply as one of the main setbacks to a full housing market recovery. A report last week from the National Association of Realtors confirmed that housing inventory for existing homes also increased in February.


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  • Report this Comment On March 27, 2013, at 7:53 AM, StopPrintinMoney wrote:

    housing "recovery" that is. think about the toilet it would be in if the FED didn't prop it up yet again.

    on the topic -

    http://www.zerohedge.com/news/2013-03-25/guest-post-why-gove...

  • Report this Comment On March 27, 2013, at 10:32 AM, damilkman66 wrote:

    That link supplied by StopPrintinMoney was interesting. My comment is the attempt to prop does not seem to be working very well. I personally do not see how the FED can do better then just hold serve. A requirement of a speculative bubble in my opinion is ignorance. We are too close to the end of the last to build the optimism required to inflate. Too many people were burned and remember regardless of the candy offered by the junkie.

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