Upbeat Forecasts For U.S. Housing Sales In March
James Picerno | Apr 22, 2015 07:17AM ET
The Fiscal Times Existing sales, which represents a much bigger piece of the market, are growing too but at a much lower rate: 4.7% for the year through February. But here too the trend is picking up, albeit modestly. Nonetheless, existing sales in February rose at the best rate for the annual comparison since Oct. 2013.
The main question for today’s release: Will the trend continue to strengthen? Yes, according to Econoday.com’s consensus forecast, which projects a rise in existing sales to 5.045 million (annualized pace) for March vs. 4.88 million in the previous month. The prediction translates into an expected 7.3% year-over-year increase—a healthy improvement over February’s 4.7% annual gain.
Tomorrow’s report on new home sales for March is expected to cool a bit, with transactions dipping slightly, according to Econoday.com. But the monthly forecast still translates into a faster rate of year-over-year growth because of year-earlier weakness.
Questions about the economy’s strength will linger even if the sales numbers match the predictions. But assuming that the projections are right, this week’s housing data won’t offer the economy’s bears any new statistical ammunition for downsizing expectations.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.