new home sales

Robin Harding

The US census bureau figures today on new home sales in May are pretty rotten: at a seasonally adjusted, annualised rate of 300,000 they are the worst since the series began in 1963.

Yet the Federal Reserve contented itself with saying that “housing starts remain at a depressed level”. I think it’s likely that they’ll be looking at something like the chart below, and concentrating on the six-month moving average (in pink), rather than the absolute number (the bars).