Last month the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that new single-family home sales dropped 7.8 percent month-over-month nationwide in January, with the Northeast, Midwest and South experiencing double-digit sales declines, a disappointing piece of news after a few solid months of new residential construction. But John Burns Real Estate Consulting director of research Rick Palacios Jr. says even though he saw plenty of industry professionals sharing the report and expressing concerns about the decline in new-home sales in both January and December, now is actually not the time to worry. In fact, he says new-home sales are on the rise, at least according to the firm’s own research that involves surveying 300 builders every month that account for approximately 17 percent of the nation’s new-home sales. “I suppose we should thank the Census Bureau for publishing incorrect conclusions and footnoting a 19 percent +/- margin of error,”…
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