The Housing Chronicles Blog: New home sales down nationally but up in the West

Friday, December 28, 2007

New home sales down nationally but up in the West

From the notoriously revised Commerce Department statistics, new home sales fell to a 12-year low in November but were up by 4% in the West. According to the USA Today story:

The sales pace for November was much weaker than economists were expecting. They were predicting sales to drop around 1.8%, to a pace of 715,000.

I take two things from this article: (1) Economics always offer guesstimates and so never really know for sure (such is the nature of predictions, although they do offer solace to some people which keeps psychics in business); and (2) Expect revisions next month from the Commerce Department since the survey less than 5% of permit reporting places nationally.

1 comment:

Utah Dave said...

ITs crazy seeing our market do the exact same thing but a year later.