Wednesday, February 24, 2010

New home sales weaker than expected.

The Census released new home sales data for January 2010 earlier this morning.  On an annualized basis, sales are running at 309,000, well below the 354,000 that the consensus of economists were predicting.

Months supply is still very elevated, and houses are sitting on the market for an average of 14.2months.  I also put in a chart of all-cash purchases.  They're way down from levels of 20 years ago - as they should be with borrowing rates half of what they were then.


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