Sales of new single-family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up by a startling 18%. This is according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
Don't put too much stock in this number, folks. The new home sales number from the government is notoriously inaccurate, and always revised substantially.
Our research shows that the market is a "mixed bag." We are seeing strength in Nashville, Charlotte, Sarasota, Southern California, and even Chicago, but we are also seeing recent weakening in Orlando, Phoenix, Washington DC, and Tampa.
In an interview with CNBC this morning, Brad discusses data from today's housing report, and explains why the Western housing market is so hot: