Residential Gains Slow Down, But Still Gain

WASHINGTON, DC—The long-term, big-picture view of the state of the residential market depends in part on whether you view the numbers from a glass-half-full or glass-half-empty perspective. In two of the national metrics reported Tuesday—single-family home prices and apartment rent growth—the monthly numbers could be interpreted to signify slowing growth. Or they could be used to demonstrate continuing growth. And there’s even a silver lining to the dreariest of the reports, namely that of new-home sales as recorded by the Commerce Department.

Nationally, February’s tally for sales of newly constructed residences was the lowest in five months. The figure of 440,000 homes was off 3.3% from even the adjusted January figure of 455,000—originally overstated at 468,000—and 1.1% from the year prior.