From Today’s IBD:
Prices, Supply Signal Housing Weakness
New home prices fell 7.7% over the last 3 months, the most in 15 years. And they aren’t much higher than existing home prices. Builders can’t sit on inventory like homeowners can, so new home prices get marked down first. And the supply of homes on the market is swelling – up 25.6% vs. a year earlier.
Sources: Commerce Dept., Nat’l Association of Realtors, Datastream