|Source: St. Louis Fed - (Since 1963)|
"NEW RESIDENTIAL SALES IN FEBRUARY 2011
Sales of new single-family houses in February 2011 were at a seasonally adjusted annual rate of 250,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.9 This is 16 9 percent (±19 1%) percent (±19.1%)** below the revised January rate of 301,000 below the revised January rate of 301 000 and is 28 0 percent (±14 8%) below the and is 28.0 percent (±14.8%) below the February 2010 estimate of 347,000.
10 year Chart - St. Louis Fed
The median sales price of new houses sold in February 2011 was $202,100; the average sales price was $246,000. The seasonally adjusted estimate of new houses for sale at the end of February was 186,000. This represents a supply of 8.9 months at the current sales rate."
What does this mean for public housing equities and ETFs (ITB, XHB), and the economic recovery in general? Further review:
Behind the Numbers: New Home Sales Keep Falling - WSJ
No more McMansions: Half of home sales under $200,000 - Christian Science Monitor
R.I.P., New Home Sales - Floyd Norris at New York Times
Home sellers pull out all the stops to attract wary buyers - USA Today/AP
WRAPUP 2-U.S. new home sales hit record low, outlook gloomy - Reuters
New-Home Sales Tumble To Record Low - Investors Business Daily