New Home Sales Reach A Post Recession High

EconomyHousing

Today, new home sales were released for the month of March.  In March, there were 621,000 new homes sold.  This is a post-recession high, but still way off the peak in 2005 when they reached over 1.3 million in one month.  But, the trajectory and the recovery is still in place.  An economic recovery, low rates, and demographic changes should keep the housing market strong the rest of the year.  Despite the good news, homebuilders were down in early trading due to potential lumber tariffs put on Canadian lumber.  We sold our position (aggressive strategy) in the homebuilders in mid-March after a nice run. This was a trade as opposed to a long-term fundamental buy.  The two main ETFs in the space are XHB & ITB.

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