If you read this AP Report you might think so. Especially if you pay attention to this paragraph:
The drop in new home sales followed news Thursday that sales of previously owned homes actually rose by a stronger-than-expected 5.2 percent last month following five straight monthly declines. Analysts said the trend in both reports pointed to a slowing housing market after five record-setting years.
If you stick with AP and check what they said yesterday you still have a little queasy feeling:
"This is one month's data in a volatile series and does not give the whole picture on housing," he said. "We may see this unwind in April when the March numbers are printed."
But if you engage in that mysterious practice known as 'simple mathematics' and subtract last years numbers from this years numbers for both series you find that the total number of new and previously owned homes which changed hands in February is 223,000 greater than last year - or an increase of 2.9%.
AP once again displays the gentle art of negative propaganda - an increase of 2.9% translates to a "slowing housing market". It's really just a matter of timing. The headline in 1996 would be "Overall Housing Market Growing At A Sustainable Pace".