Good news on housing?

New Home Sales were reported at 1.1 million units. This is much better than market expectations of 1.05 million. The housing inventory (supply) improved to 5.9 months. This number also came in better than the expected 7.2 months (a level seen back in July). These numbers show an improving housing market. If supplies are dwindling and sales is picking up then buyers are buying! A very good thing indeed.

An interesting footnote: the average price of a home was unchanged between ’05 and ’06.

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