Well, it's all in the fine print.
"A sale of the new house occurs with the signing of a sales contract or the acceptance of a deposit."
Signing the contract could occur as much as 10 months before occupancy.
As to 'existing' home sales:
"the majority of transactions are reported when the sales contract is closed."
Usually, that's 60 days before occupancy.
But what's important to know is this:
Given the difference in definition, new home sales usually lead existing home sales regarding changes in the residential sales market by a month or two.
So what you saw in "new home sales" a couple of days ago is likely to be echoed in "existing home sales" about 60 days from now.
That's not too pretty.
HT: Calculated Risk
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