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| May New Home Sales (Census.gov) |
As I said in my
post last night on existing home sales, the lumber contract and Home Construction ETF ($ITB) could have been pricing in the poor housing data after the April 30 tax credit expired. After today's new home sales release showed a 33% decline in May over April, ITB made new lows but rallied back into the green. Watch the downtrend line for a potential breakout (or continuation) on the chart below. ITB is currently up 1.19% to $11.95. Below is the New Home Sales Data with a table snatched from Census.gov.
US Homes Sold: May 2010 from April 2010 -32.7%, from May 2009 -18.3%
For Sale at End of Period: May 2010 from April 2010 -.5%, from May 2009 -26.8%
Months Supply: May 2010 from April 2010 +46.6%, from May 2009 -10.5%
New Houses Sold and For Sale, Months Supply at
Census.gov
ITB (iShares Dow Jones US Home Construction Index Fund ETF)
