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25 Apr 2016
US: A modest decline in new home sales in March - Wells Fargo
Today’s report showed that new home sales decline in March 1.5% in the US. According to analysts from Wells Fargo, the numbers reflect large seasonal adjustment factors.
Key Quotes:
“Upward revisions to the February and January data took much of the sting out of the 1.5 percent drop in new home sales during March. Prices moderated as building activity appears to be migrating to lower cost areas.”
“New home sales fell 1.5 percent in March, marking the third consecutive monthly drop. The winter pullback follows three exceptionally strong months last fall and likely reflects the impact of large seasonal adjustment factors at this time of year.
“The inventory of new homes available for sale continues to inch higher, particularly in the South and West, which accounted for three quarters of the rise in new home inventory.”
Key Quotes:
“Upward revisions to the February and January data took much of the sting out of the 1.5 percent drop in new home sales during March. Prices moderated as building activity appears to be migrating to lower cost areas.”
“New home sales fell 1.5 percent in March, marking the third consecutive monthly drop. The winter pullback follows three exceptionally strong months last fall and likely reflects the impact of large seasonal adjustment factors at this time of year.
“The inventory of new homes available for sale continues to inch higher, particularly in the South and West, which accounted for three quarters of the rise in new home inventory.”