Sales of new homes in July were a bit stronger than expected (373K vs. 365K), and they were up 36% from last year's low. That's pretty impressive, even if the current sales rate is still miserably slow. The signs on the margin of genuine improvement in the housing market abound. After 6 years of a wrenching adjustment, this market is back on its feet and improving.
Increasing sales from the previous period, yes -- a "housing recovery," far from it -- I respect Scott's data, but I am always amazed at how Scott characterizes the data in the titles of his posts -- a step in the right direction is not synonymous with "recovery" or winning -- said another way, a baseball team that is losing a game 10-1 is not somehow "winning" when the score moves to 10-2...
ReplyDeleteCompleted new homes for sale...38,000 lowest on record...every
ReplyDeleterecession has had this number at least above 90,000 first...