Details of the US March 2015 new home sales data 23 April 2015
- Prior 0.539m. Revised to 0.543m
- Median sale price $277,400 vs $282,300 a year ago
- Current supply at 5.3 months vs 4.6 prior
Feb sales took a leap on the weather/seasonal skew so this could be some unwinding of that. Even so it's the biggest drop in over a year and breaks 3 straight months of gains. The revisions took sales to the highest since 2008
The North East, which was up 152.9% last month, fell 33% this month
USD/JPY has another look down to that 119.80/85 level but the dip is soaked up again
Looking at the chart over the last 5 years odd you can see that there's no need for panic in the housing market as the trend has been up. It's just that the Fed wants to see a bit more from this part of the economy. Wishful thinking I think.
