A few Comments on January New Home Sales

New home sales for January were reported at 555,000 on a seasonally adjusted annual rate basis (SAAR).  This was below the consensus forecast, and the three previous months were all revised down.  So overall this was a disappointing report. Sales were up 5.5% year-over-year in January,  However, January and February were the weakest months last year on a seasonally adjusted annual rate basis - so this was an easy comparison. Note that these sales (for January) occurred after mortgage rates increased following the election.  As I've noted before, interest......(read more)

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