In its monthly New Home Sales release, the U.S. Department of Commerce showed a 13 percent drop-off in annualized new construction sales between the months of December and January. It’s the biggest one-month drop in New Home Sales since May 2010.
The 2010 housing market finished on a tear, and that momentum is carrying forward into 2011. Expect the spring season to show strongly, and for home prices to be on the rise.
Like most housing data from November, the most recent New Home Sales report showed sales volume increasing last month, and home supplies falling.
After posting a strong September, the number of newly-built homes sold nationwide slipped in October.
After improving 1 percent in August, New Home Sales popped another 7 percent in September. It’s no wonder homebuilder confidence is at a 5-month high.
Although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
June’s New Home Sales data is a major improvement over May, but gains are relative. It’s possible that the true “new home market” may be softer than the statistics suggest.
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