U.S. new-home sales off 7 percent in MarchHalf. Not even half where sales should be.
By Martin Crutsinger, Associated Press
Washington (AP) — Sales of new homes fell in March by the largest amount in more than a year, indicating that the U.S. housing market remains under strain despite some modest signs of improvement.
The Commerce Department said Tuesday that sales dropped 7.1 percent in March to a seasonally adjusted annual rate of 328,000 units. That followed a 7.3 percent increase in sales in February. This figure was revised up from an initial estimate that February sales had fallen 1.6 percent.
The median sales price was $234,500 in March, down 1 percent from the February price.
Sales of new homes stand at just about half the roughly 700,000-a-year pace that analysts consider evidence of a healthy market. [link]
In graphic detail (click on the image to enlarge it):
We're mired in the doldrums. With no prospect for a robust turnaround in sight.
Maybe if the government would let the people keep more of their income, they'd devote it to buying homes and such?
Obama knows better. He was, after all, a
Chart courtesy of the U.S. Census Bureau