The One Worrisome Detail In Today's New Home Sales Report
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December new home sales data was just released and missed expectations falling 7.3 percent month-over-month.
The most concerning detail about the report however was inventory at the end of December.
"The seasonally adjusted estimate of new houses for sale at the end of December was 151,000. This represents a supply of 4.9 months at the current sales rate," according to the latest report from the U.S. Census Bureau.
Basically, that means that the length of time it would take to sell the existing supply of homes climbed to 4.9 months. This is up from November, and down from a year ago
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