Housing Sales Rise Significantly In February 2006
It looks like the nationwide bubble has not exploded as predicted with housing sales in February increasing 5.2 percent nationwide. While certain areas are still overbuilt and have a glut of inventory and pricing that is unsustainable, most of the country is still seeing improvements in pricing.
Sales of existing U.S. homes rose to a 6.91 million unit annual rate in February, halting a string of monthly declines, the National Association of Realtors said. January’s sales were revised up to a 6.57 million unit pace.The existing homes sale figure includes both single-family homes and condos.
Analysts had forecast existing homes sales at a 6.50 million unit pace in February, down from January’s originally reported 6.56 million unit pace.But the Realtors’ group called February’s sales figures an aberration due to both warm weather and lower mortgage rates in January that boosted buying activity. The group’s chief economist said the pace of home resales should start to slow again next month. via Yahoo! News.
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Comment by Robert Coté on 24 March 2006:
The NAR lies, you repeat the lie. There’s no fixing the NAR but you should at least check your sources before adding your own spin.
FEB 2005 402,000 sales
FEB 2006 401,000 sales (preliminary)
“Seasonally adjust” that. I guess Feb is a different “season” in alternate years.
You want to “adjust?” Fine, better include supply adjustments. Something like 1.3 million units added last year so just to keep the sales rate steady we’d need to see 1.8% y-o-y increases in the raw data.
If I sound angry it is because I am. The “news” moved markets. People were hurt. I obviously don’t trust the NAR but I’d like to think that therealestatebloggers has enough self respect to at least verify before parroting.
Comment by Robert Coté on 25 March 2006:
What? No correction? Sales in Feb did not rise 5.2% as you report.