New Home Sales Fell Less Than Expected
New home sales fell less than expected to an annual rate of 590K in February. Sales over the previous three months were revised up by a collective 20K. Coupled with a better-than-expected existing homes report, this may be the best week of housing data we have seen in a while. Not a bottom yet, but perhaps a glimmer of hope.
Sales Fall - But Less Than Anticipated
- Sales fell to an annualized rate of 590K. Declines were largely concentrated in the Northeast, where sales fell 25K. Large gains were seen in the South, with the other regions largely unchanged.
- Prices jumped back up slightly, but we shouldn’t over-read the news as it reflects the mix of homes sold.
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Inventories Improve: Light at the End of the Tunnel?
- Inventories of new homes for sale continued to improve for the 11th straight month. Total homes on the market have returned to a level unseen since summer 2005.
- Completed homes in inventory came off just as quickly as total homes as builders have worked hard to reduce speculative inventory.
Wachovia Corporation
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