Home Sales

Chart of the Week for June 15 - 21, 2007

Nationally, the residential housing market sales volume has continued to decline in 2007. In the graph above, we can see the volume of new homes and existing homes sold since the end of 2005. With some exceptions, both new and existing home sales have generally been declining over the period. However, at the end of April 2007 new home sales experienced an unexpected jump, increasing 16% to 981,000 units sold. Existing home sales also took an unexpected upturn in February to 6.7 million units sold before falling 8% the following month. Analysts are continuing to monitor the housing market closely, and the general consensus is that weakness in home sales will continue through the rest of the year as housing demand remains low.

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