With new home sales data in for March, we’re currently running 153,000 home sales (non-seasonally adjusted) below what we saw in March of 2007, however, we’re already ahead of last year’s home sales at the same time.
Existing-home sales rebounded 5.1% from the previous month to a seasonally adjusted annual rate of 5.33 million in March. Whereas, new home sales slipped 1.5% from the previous month to a seasonally adjusted annual rate of 511,000 units.
Currently existing home sales are down 6%, and new home sales are down 38% compared to 2007 through March on a non-seasonally adjusted basis.
Mortgage rates are affordable and we expect rates to stay under 4% through the spring. Based on our current forecast, we’re on track and in the mix for the best year in home sales in a decade.