Buried in yesterday’s announcement was this nugget.

27,400 new homes were sold this period. That’s up 4100 up over last period.

440,000 existing homes were sold this period. That’s up 48,300 over last period.

This period, 233,700 were first time buyers. That’s up 26,200 first time home buyer over last period.

That’s 6700 first time buyers over this time a year ago. Although 12,700 fewer homes and 2,300 brand new homes were sold against last year.

Bottom line, new housing construction is down. Existing houses are moving on the market, and most of the new growth in that area is coming from new home buyers who are maturing and now entering the market.