Sales of new homes were 307,000 in September, a 6.6% increase over August, according to today's bulletin from the Census Bureau:
http://www.census.gov/const/newressales.pdf
The chart puts those numbers in perspective. New-home sales remain in the doldrums.
New Home Sales
Click on chart to enlarge.)
Recessions shaded
That brings to a close this month's cycle of important building data. The trend is clear: Residential real estate is flat, with recovery and growth a prospect for the future.
On Friday the Commerce Department is scheduled to release its first estimate for third-quarter GDP growth. This will provide an opportunity to turn from real estate to other aspects of the economy. It will be a good time, at the end of the month, to assess where we are now.
(The chart was taken from ht
tp://www.beyourowneconomist.com. [Click on Seminars and then Charts.] Go there for additional charts on the economy and a list of economic indicators.)
© 2010 Michael B. Lehmann
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