(Source: The Wall Street Journal)
We can’t blame you for being confused about housing. Tuesday, the market cheered a surge in existing-home sales. Then comes today’s news that new-home sales slid 11.3% in November, falling to the lowest level since April.
Up, down. Up, down. What gives?
Though the two reports both concern home sales in November, they aren’t really in synch and so aren’t comparable. The National Association of Realtors records existing-home sale data when the home closes, while the government records new-home deals when contracts are inked.
Read the full article by Dawn Wotapka, “Why U.S. Home Sales Are Both Up and Down” in the Wall Street Journal (Dec 23, 2009).