We’ve all talked about the bottom. We have asked, “is this the bottom?” Sometimes we have even been overheard to say, “this has got to be the bottom!”
The graph shows the dramatic decline in new home sales. Recent activity has been just as unstable as the graph portrays.
So, are we at the bottom? Was February the end of the (obviously) largest dip in new home sales since data collection began?
New home sales hover near all-time low
The Census Bureau reported an annual sales rate of 300,000 new homes in March. While that was an 11% increase from February’s all-time low of 270,000, new home sales remained near the lowest levels recorded since the government started tracking the data in 1963.