Don't get caught up in the hype. Month to month home sales are highly seasonal, with sales during the summer months being higher than those during other times in the year. The month to month sales are NOT statistically significant, as they haven't even exceeded the margin of error.
Two quotes, to drop a little perspective on you:
Quote:
“National New Home Sales, on a monthly basis, don’t even add up to half of the total foreclosure activity in California alone in a single month.”
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Quote:
Here is the official New Home Sales:Sales of new one-family houses in June 2009 were at a seasonally adjusted annual rate of 384,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.0 percent (±13.2%)* above the revised May rate of 346,000, but is 21.3 percent (±11.4%) below the June 2008 estimate of 488,000.
Thus, we in fact know that Sales fell from last year. They were down 21.3%, a number greater than the margin of error.
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If the housing market has truly recovered and happy days are here again, explain why the median sales price is down 5.8% MoM and 12% YoY?
Don't buy into the headlines, guys. Use a little bit of critical thinking instead of swallowing the National Association of Realtors and CNBC cheerleading garbage hook line and sinker.