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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Crimson Ghost who wrote (7085)	5/26/2004 10:51:27 AM
From: mishedlo	Read Replies (1) of 116555

U.S. new home sales plunge in April Wednesday, May 26, 2004 2:19:34 PM WASHINGTON (AFX) - One month after setting a new record high, sales of new homes in the United States fell sharply in April, the Commerce Department estimated Wednesday New home sales fell 11.8 percent in April to a seasonally adjusted annualized rate of 1.09 million. This is the largest monthly decline in home sales since January 1994. Sales are now at their lowest level since last November The decline was much larger than expected. Economists surveyed by CBS MarketWatch were expecting a sales rate of about 1.19 million in April Estimated sales in March were revised slightly higher to a record annual rate of 1.24 million from 1.23 million. The number of new homes for sale on the market rose about 1.8 percent to 387,000, representing 4.3-months of sales at the April pace. New-home sales plunged about 22 percent in the South to 460,000. This is the largest monthly decline since April 1980. Sales in the region had surged 14.3 percent in March Sales also fell in the West and Northeast but rose in the Midwest The monthly figures are subject to revisions and to large sampling and other statistical errors. The government cautions that it can take five months for a trend in home sales to be established The median sales price rose 16.7 percent year-over-year to $221,200 in April. This is up from $203,300 in March The National Association of Realtors reported Tuesday that existing home sales rose 2.5 percent to a seasonally adjusted annual rate of 6.64 million units Five of the top U.S. housing economists will hold a press conference later Wednesday to present a 10-year outlook on the housing market fxstreet.com

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