A note on March new home sales

NAR new home sales were released this morning, completing the troika of housing data for that month. Generally 2009 sales volume is steady so far, although prices of course are nowhere near a bottom.

The one interesting morsel from this release is that months of supply of new houses are down significantly. This metric has to come down to about 6-7 months before prices will stabilize. It's not there yet but now both home sales' series -- existing and new -- appear to have established a new trend of declining months of supply on the market.

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