Sorry Doomers, what can I say? I was wrong. Unlike a certain ex-chief economist we know, though, I’m going to stand up and admit it. [OK, I’m sitting, but that’s beside the point.]
This is from my November 28th post:
Lereah is correct when stating that there should be a lift to home sales in the first quarter of 2007- home sales are cyclical; there is always a lift to sales in the first quarter.
I was too optimistic in my projections for the Las Vegas market. [It must be a result of my sunny disposition.] 1381 single family homes sold in the month of April– fewer homes than any other month this year– fewer than any month for the past four years. [My available data goes back to January 2003.] Sales were down 40% over last year’s 2,266. [I got the down YOY part right anyway.] And as for that 1Q lift– sales were down 13% from the fourth quarter of 2006. Here’s the graph: [Data from GLVAR]
