New Home Sales Data: Housing Now Firmly Entrenched in a Double Dip

On Tuesday, the U.S. Census Department released its monthly New Residential Home Sales Report for March. Figures showed a notable monthly jump, with sales increasing 11.11% since February but still declining 21.88% below the level seen a year earlier to 300K SAAR units.

These results, while strengthening a bit off of last month's horrendous results, still clearly indicate that the nation's housing markets are now firmly entrenched in a double-dip and come fully in-line with the other pitiful housing data-points I have outlined in past weeks.

The monthly supply declined to 7.3 months while the median selling price declined a notable 4.89% and the average selling price declined a notable 6.12%.

The following chart show the extent of sales decline to date (click for full-larger version).