By Dr Denver H. Bubble
Following up on the good news from the existing home sales in March 2018, new home sales were up 4.4%, almost double the forecasted 1.9%. February 2018's drop of 0.6% was also revised higher to an increase of 3.6%, showing a strong two-month trend leading into the start of the spring season. There was a lot of difference in terms of growth or declines across the country with our home market the West up 28.3% in contrast to the Northeast down 54 .8%. The median new home sales price for the country increased 4.8% year over year to $337,200, near its record high. So far in 2018, elevated prices and mortgage rates at a four-year high are having minimal impact on demand so far, but we still have a full three-quarter of a year to see what is in store.
Image source: Zerohedge.com