New Home Sales: April 2013

May 24, 2013 11:48 AM ETXHB, ITB, PKB, REZ
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Sold At The Top

Yesterday, the U.S. Census Department released its monthly New Residential Home Sales Report for April. It showed an improvement, with sales climbing 2.25% from March and rising 28.98% above the level seen in April 2012. But they still remained at a historically low level of 454,000 SAAR units.

It's important to recognize that the inventory of new homes appears to be mounting as unsold units totaled 156,000. But that's still near the lowest level seen in at least 47 years, while the median number of months for sale increased to 4.0. The monthly supply went flat at 4.1 months, while the median selling price increased 14.89% and the average selling price increased 14.90% from the year-ago level.

The following chart shows the extent of sales decline to date:

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“Sold At TheTop” is the snarky pseudonym for the organic blogger that maintains the reasonably popular blog PaperEconomy ( “Sold”, as he prefers to be called is not a professional economist, analyst or stock trader and has neither been trained in finance nor statistics. What Sold offers is a dedicated and serious passion for macroeconomic analysis and further, for the creation of striking, some say even artistic, visualizations of macroeconomic data. Though not a “perma-bear” Sold is very bearish about the current state and future of the American economy. Sold is NOT A PESSIMIST by nature but a true skeptic and a realist that prefers solid and sustained evidence of fundamental economic recovery to “Goldilocks”, “Green Shoots”, “Mustard Seeds” and wholesale speculation. Further, Sold believes that the evidence for rational and efficient markets as well as collective wisdom is scant. In his spare time Sold works as an independent software consultant spewing out cutting edge code like he’s spraying silly string.
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