"New home sales fell to a new all-time low for the series of just 308,000 units at an annual rate. Weather likely played a significant role, especially along the east coast. Still, sales remain weak.
Sales Down for Fourth Straight Month
â€¢ Sales declined 2.2 percent from a positively revised reading of 315,000 units in January as storms bore down on most of the Atlantic seaboard early in the month. The 308,000 unit pace represents a new all-time low for new home sales.
â€¢ Home sales in the western region actually rose more than 20 percent and hopefully point towards better sales activity when you strip out the effects of weather.
Inventory and Prices Crept Higher
â€¢ Builders have been struggling to find inventory for first-time homebuyersâ€™ tax credit eligible buyers in some markets and have been starting new properties hoping to finish in time for buyers to qualify for the extension/expansion. This likely helped push inventory levels slightly higher.
â€¢ Median and average prices both bounced back after seeing declines last month."
Source: Wells Fargo Economics Group 3/24/2010