New Home Sales Slow in March
New Home Sales data came out today, showing a drop in March sales with only 384,000 sales at a Seasonally Adjusted Annual Rate, down from a revised February rate of 449,000. The drop came as something of a surprise, as the median forecast in a Bloomberg News survey was an increase to 450,000 units.
While the news is certainly not good, it's helpful to try to keep the sales data in perspective. The graphic below shows that year-to-date new home sales are only 2,000 below the 2013 level and significantly above the levels we saw from 2009-2012.