March 25, 2014

February New Home Sales: Four Straight Months of SA Flatness; Feb. 2014 Below Feb. 2013

Filed under: Economy,Taxes & Government — Tom @ 11:28 am

From the Census Bureau:

Sales of new single-family houses in February 2014 were at a seasonally adjusted annual rate of 440,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 3.3 percent (±17.9%)* below the revised January rate of 455,000 and is 1.1 percent (±15.2%)* below the February 2013 estimate of 445,000.

Here’s the before:

NewHomeSalesThru0114

Here’s the after:

NewHomeSalesThruFeb2014

December 2013 was revised up by about the same amount as January was revised down. February 2014 trailed February 2013.

Is anybody here impressed with this performance, even after cutting the market a bit of slack for the weather? Neither am I.

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UPDATE: Zero Hedge also notes:

… New Home Sales is the one category that resolutely refuses to bounce from the Depression lows. (“Depression” is their term. — Ed.)

… the median home price, after rising aggressively in 2013, has continue to decline in recent months …

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