New & Existing Home Sales are Very Weak, A Bad Sign for the Market

Sales of New Single-Family Homes Dropped Sharply in March, falling 14.5% to their weakest level since mid-2013, the Census Bureau said Today.

The annual sales rate was 384,000, down from February's revised pace of 449,000. That is far less than 450,000 estimated by economists.

Although the housing market typically improves this time of year, the spring buying season has shown NO strength so far this year.

In addition, The National Association of Realtors reported Tuesday that Existing Home Sales in March fell 0.2% to an annual rate of 4.59 million. That was the third straight monthly decline and the lowest since July 2012.

In this tough housing market, especially in the Bronx and Brooklyn NY, it's hard to sell your house.

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