New Home Sales Plummet
Today we learned that new home sales fell 14.5% during March to a seasonally adjusted annual rate of 384,000 units. This confirms our belief that the housing sector lost some hard earned momentum during the first quarter of 2014. Adverse winter weather combined with higher mortgage interest rates hammered sales in the Midwest, South and the West. Surprisingly, sales rose in the Northeast which persevered through one of the roughest winters in many years. Momentum in the housing sector should return this spring.
www.reuters.com/article/2014/04/23/us-usa-economy-idUSBREA3M15Q20140423
