Market Update: New Home Sales Kickin It Higher….

Oh yeah baby! DOW climbing higher off the news, now up 175 to 7835 S& P up 16 to 822, NAS up 31 to 1548…

As prices fall the ole free market is correcting bringing in buyers…

CNBC:

Sales of newly built U.S. single-family homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday.

The Commerce Department said sales rose 4.7 percent to a 337,000 annual pace, the fastest increase since April last year, from an upwardly revised 322,000 in January.

Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.