New Home Sales Fall 41 percent In Feb

Hmmm…wait…what was that? Didn’t new home sales go up last month? New Home Sales Rise 4.7% [Wall Street Journal] Sales of new homes rose in February for the first time in seven months, the Commerce Department reported Wednesday, another sign that the housing market is thawing Via New Jersey Real Estate Report, Barry Ritholz begs to differ The parade of the mathematically innumerate business writers continue to misread data. The latest evidence? New Home Sales. After incorrectly reporting the Existing Home Sales, the mainstream media misread the Census department report of New Homes. No, New Home Sales data did not improve. In fact, they were not only not positive, they were actually horrific. The year over year number was a terrible down 41%. Sales from this same period a year ago have nearly been halved. Read the whole thing...

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