No more “green shoots” for new home sales?
California Housing Crash, Florida Housing Crash, The Economy, Real Estate June 24th, 2009
It looks like people are not buying as many new homes as Wall Street was hoping for. According to AP via Yahoo Finance:
The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.
Still, houses are still sitting on the market unsold for months. There were 292,000 new homes for sale at the end of May, down more than 2 percent from April. At this sluggish rate of sales, that’s a 10-month supply.
