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October 8, 2008 6:07:27 AM CDT

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Monthly Housing Sales Jump

Posted May 24, 07 2:15 PM CDT in US 

(Newser) – The real estate market had a volatile April, with home sales rising at their fastest rate in 14 years. But the 16% spike in sales over the previous month hid a more complicated reality: New home prices dropped by a record 11%, according to Commerce Department figures released today, and builder confidence remains low.

Moreover, economists, who had predicted a minuscule 0.2% bump, caution that month-to-month figures are notoriously unreliable. "One big monthly change, in either direction, does not make a trend," cautions one economist in the Wall Street Journal, noting that the margin of error on the numbers is 13%—nearly enough to erase the gains.

Source International Business Times

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US economy  • housing market  • real estate  • housing  • economic indicators  • durable goods


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