Daily Commentary: On Case-Shiller and New Home Sales

The big US data today was in the housing markets as we got both the Case-Shiller and the new housing sales numbers. Here's my take on the news.

Both data sets were mixed. The Case-Shiller index showed the unadjusted Composite-20 index which I follow, falling year-on-year by 3.5%. This is a slight improvement over the previous month's data when the decline was 3.9%. A lot of people have been calling a housing bottom. I think this is premature. However, the data do speak to some improvements. The question is whether these are weather-related or whether they portend a good summer selling season. The data were from February.

On the new home sales side, the data showed a slight downtick in the number of new homes purchased in March to the lowest in four months. But the prior month's data ...

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