New home sales data showed signs of settling down. Permits rose 3% in February compared to January 2009. Year over year permits were down 44%. Starts in February were up 22% compared to the previous month and were down 47% year over year. Completions in February were up 2% compared to January and were down 37% compared to a year ago.
The bad news is this is increasing the supply of new homes. There are already 13.3 months supply of homes. Months supply has risen every month for the last 4 months now. There will continue to be downward pressure on new home prices.
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