The Wall Street Journal just reported that U.S. new-home sales climbed 4.7% during February to a seasonally adjusted annual rate of 337,000, the first month-to-month increase since July.
According to the WSJ, the median price of a new American home tumbled 18% in February from a year earlier to $200,900 while the median price in January was $206,800. Still, the sales data reportedly marked another favorable sign for the housing market.
But according to Robert Brusca, an independent Wall Street economist, regional data dont bear out the good news. Relatively speaking, the report is good, he says, but it falls way short of being something cathartic.
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THOMAS WATSON is a Senior Writer and editorial board member at Canadian Business magazine. Since winning a community journalism award as a cub reporter with the Hamilton Spectator in the early ’90s, he has covered business, finance, politics and technology for various news outlets. Prior to joining CB in 2001, he reported on the steel and automotive sectors for the Financial Post. Watson received his first magazine award nomination for exposing a stock manipulation plot aimed at Waterloo, Ont.-based Open Text in 2000, when he was head of investor relations for an international venture capital outfit in the City of London. Watson holds graduate degrees in journalism, international relations and public finance and undergraduate degrees in history and politics.