NAHB tried to paint a rosy picture today. 16.2% increase in SALES, MONTH to MONTH. But, -11.1% decline in the MEDIAN PRICE MONTH to MONTH also. Builders KNOW what lies ahead, and are undercutting the market. Can you imagine what the Existing Home Sales are going to look like? They don’t have the luxury of slashing prices. Who would buy a Used House when, you can buy a New One, heavily discounted?
NAR numbers will be ugly tomorrow after sifting through the spin.
