New Home Sales as a % of US Population

February New Home sales increased slightly MoM from an all time low annual sales rate of 322k in January 2009 to 337k. This is still slightly below the previous record low of 338k annual sales rate reached in September 81. Since 81 however the US population has increased from 230m to ca 306m in Feb 09. As a % of US population the current new home sales are truly making new lows as the following chart illustrates.


Population increases and household formation should eventually drive new home sales higher. The US population grows by ca 200k people each month vs monthly new home sales of 27k in February 2009
.