Good news for the housing industry today – even though the U.S. Commerce Dept. reports a fractional 0.6 percent drop in March new home sales compared to February.
The good news in the Commerce Dept.’s report is that the number of unsold new homes is going down – a sign, some analysts say, that the housing market is stabilizing, or trying to get back to normal.
The inventory of new homes in March shrank to 311,000 from 328,000 in February. The 328,000 number means there are 10.7 months’ worth of new homes for sale still on the market. In February, there was 11.2 months’ worth of unsold inventory.
The monthly change in inventories was 5.2 percent, the largest decline in more than …Read the full article (by Alex Finkelstien)