The slowdown in new housing sales is likely to deepen as long as the market continues to wait for the implementation of new government housing plans
In February, the number of new housing units sold in the private and public sectors equaled 1,915 (excluding seasonality). This level reflects an annualized sales rate of 22,900 new units, which is below the multi-year high of 24,400 new housing units sold last year. In addition, an analysis of the data over periods of two-months (which is less volatile than the monthly data) attests to a certain slowdown in activity in the beginning of 2014 (see graph). Sales of new housing units in January February fell 2.6% compared to November-December 2013, and dropped 5.5% compared to the corresponding period of last year (January-February 2013).
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