The number of New Home Sales plunged 14.5% from last month to 384K per annum, well below the 455K units forecast to be sold. This is the lowest reading since last July, and combined with the lower Existing Home Sales volume released yesterday has number nerds across the country jabbering on about a another downturn in the housing market.
Just like the lesson we learned about supply and demand in our high school economics class, fewer available homes for sale has helped drive up prices 12.6% since last March. The median sales price for a home in Anytown, USA is $290,000
