Sales of new single-family homes were at a seasonally adjusted annual rate of 337,000 in February, up 4.7 percent from the January estimate of 322,000, but were 41.1 percent below the February 2008 rate of 572,000, the U.S. Commerce Department reported this morning.
The median sale price of new single-family homes sold in February was $200,900, down 18 percent from $245,300 a year ago. An estimated 333,000 new homes were available for sale at the end of February, representing a 12.2-month supply at the current sales rate.
You’re missing that the 4.7% is 4.7% with an error margin of 18.3%. So it could be -13.6% or it could be +23% or it could be 0%. The number is meaningless until that margin of error shrinks.
I literally read this 5 minutes before seeing your post: http://www.ritholtz.com/blog/2009/03/new-home-sales-fell-41-in-february-2009/
I enjoy it when I get to read your blog from time to time. Lots of good information to be found here.