Does the collapse in new home sales signal a bad Spring market for existing home sales?

Today’s new home sales were horrible. The worst ever, actually. And, far below expectations.

Diana Olick thinks this could foreshadow bad existing home sales this Spring:

Remember, this number from the Census is based on contracts signed in February, not closings, like the existing home sales number from the Realtors. That means it is a real indicator of how the Spring market is starting.

If demand is fading right as we head into the time of year when a lot more homes typically come up for sale, home price declines could accelerate quickly.

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Greg Fielding

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About Greg Fielding

I am a longtime real estate agent who has pretty much seen it all during the housing boom as bust. With experience in selling high-end property and low-end foreclosures, raw land, short sales, development work, apartment buildings, and working with investors, I bring a well-rounded perspective to my work.I also have started to do some paid real estate consulting. If you have questions or just need some good real estate advice, book an appointment at http://whattodorealestate.com/In addition to selling real estate, my insights have been featured in The New York Times, The Big Picture, and regularly on Patrick.net. I have also done consulting work with ForeclosureRadar.Starting my career, in 2003, I have sold homes throughout Alameda and Contra Costa counties, specializing in Danville, Alamo, Blackhawk, San Ramon, Dublin, Pleasanton, Walnut Creek, Lafayette, and Orinda. I live in Danville with my three kids.


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