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There was no good news whatsoever in today's New Home Sales Data.

• Sales of new-homes dropped nearly 4% in February.

• This is the lowest reading since June 2000, according to Commerce Department data.

• On a year-over-year basis, sales were down 18.3%.

• Inventories of unsold homes rose 1.5% to 546,000. This represents an 8.1-month supply. Marketwatch notes this is the largest inventory in relation to sales since January 1991.

• On a year-over-year basis, the inventory is up 26.6%.

• The median price rose 2.8% sequentially - down 0.3% on a year-over-year basis, to $250,000.

This report is hard to reconcile with last week's Existing Home Sales; One of them is likely wrong, and I suspect the NAR-prepared Existing Home Sales is the dud . . .

Source: New Home Sales Data: 7 Year Low