Post by unlawflcombatnt on Apr 25, 2007 14:43:18 GMT -6
March's New Home Sales number of 858,000 (annualized) was 42,000 less than the 900,000 predicted by the market analysts. Though it was reported as a 2.6% increase over the previous month, over half of that increase was due to a downward revision of February sales from 848K to 836K. (Without February's downward revision, March's increase would have only been 1.18%.) The previous 2 months' numbers were also revised downward. January's 882K was revised downward to 873K. December's 1047K was revised downward to 1020. This can be seen from the modified & combined tables below from Briefing.com. The current (and revised) numbers are in the top chart. The previous numbers are in parenthesis. The bottom chart is the previously published numbers from 4/24/07.
March's minuscule gain follows a huge 2-month decline (January + February) of 18%, to the lowest level in 6 1/2 years. The long term trend can be seen from the graph below from Briefing.com
The inventory of New Homes for Sale, measured in months' supply, increased to 7.8 months-worth in March 2007 from 6.1 months-worth in March 2006. The number of New Homes For Sale actually completed was 178,000 in March 2007, up from only 130,000 in March 2006. (See Census Bureau's New Home Sales Report, Table 3.) Thus there was an actual increase in finished New Homes on the market of 48,000. Meanwhile, the actual number of New Homes sold in March 2007 was only 84K, down from 108K in March 2006. (This can also be seen at the Census Bureau's New Home Sales Report in Table 1.) The supply of New Homes on the market is clearly increasing, while the sale of New Homes is declining. The total number of all New Homes For Sale on the market (including those "not started", "under construction", and "completed") was 539,000 at the end of March 2007. This was 11K less than the 550K in March 2006.
New Home Sales have declined -37% since their July 2005 peak. This follows yesterday's 8.4% decline in Existing Home Sales to 6.12 million, from February's 6.68 million annualized rate. The decline in Existing Home Sales was accompanied by an annualized decline in Existing Home Prices of -0.3%. The total home sale decline in March (including both New & Existing Homes) was -550,000 from March 2006.
The housing bubble continues to deflate, with no evidence of any "bottoming out."
March's minuscule gain follows a huge 2-month decline (January + February) of 18%, to the lowest level in 6 1/2 years. The long term trend can be seen from the graph below from Briefing.com
The inventory of New Homes for Sale, measured in months' supply, increased to 7.8 months-worth in March 2007 from 6.1 months-worth in March 2006. The number of New Homes For Sale actually completed was 178,000 in March 2007, up from only 130,000 in March 2006. (See Census Bureau's New Home Sales Report, Table 3.) Thus there was an actual increase in finished New Homes on the market of 48,000. Meanwhile, the actual number of New Homes sold in March 2007 was only 84K, down from 108K in March 2006. (This can also be seen at the Census Bureau's New Home Sales Report in Table 1.) The supply of New Homes on the market is clearly increasing, while the sale of New Homes is declining. The total number of all New Homes For Sale on the market (including those "not started", "under construction", and "completed") was 539,000 at the end of March 2007. This was 11K less than the 550K in March 2006.
New Home Sales have declined -37% since their July 2005 peak. This follows yesterday's 8.4% decline in Existing Home Sales to 6.12 million, from February's 6.68 million annualized rate. The decline in Existing Home Sales was accompanied by an annualized decline in Existing Home Prices of -0.3%. The total home sale decline in March (including both New & Existing Homes) was -550,000 from March 2006.
The housing bubble continues to deflate, with no evidence of any "bottoming out."