Thursday, July 27, 2006

Home Sales Slowing...No Surprise

From the Dismal Scientist:

Sales of new homes are slowing even more quickly than anticipated. According to Census, new home sales are down to 1.13 million annualized units in June, a m/m decline of 3% and an 11% drop y/y. Moreover, Census revised downward the April and May readings. Nonetheless, second quarter home sales are up compared to the first quarter.

This stat is supported, anecdotally, with conversations I've had with local folks who state that home sales (new AND not-new) are noticeably slower.

Demographics? Interest Rates?

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