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New Home Sales Are Not Getting Worse |
 Preliminary data on July new home sales were released by the Commerce Department yesterday. The stats were a bit more positive than last month, but looking at the statistical significance of these survey based metrics, it’s essentially the same story—new home sales are treading water.
In July, sales of new single family homes were at a seasonally adjusted annual rate of 515,000, which is 2.4% above the revised June rate of 503,000 but 35.3% below the July 2007 rate of 796,000. The 2.4% increase is not statistically significant. That means sales could have been up or down—it’s too close to call. |
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Housing Derivatives 
