Strong New Home Sales Report; White House on Housing Bill; Rates Bouncing?

With the third set of new home sales data in 21 days it seems the Census Bureau has caught up from the partial government shutdown. Whether because of the delay, or just in the normal course of revisions, changes to the December numbers were dramatic enough to mention. First reported at a seasonally adjusted rate of 621,000 units, a surprising 16.9 percent increase , they were revised even higher to 652,000. Now a second revision has lopped more than 60,000 units off that pace, reducing it to 588,000 and erasing the entire percentage gain. Getting back on track, the most recent data shows newly constructed homes sold during February at a seasonally adjusted annual rate of 667,000 units, an increase of 4.9 percent from the 636,000-unit pace in January. That rate was revised up from 607,000 units …read more

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