New home sales: Poised to double?

http://finance.fortune.cnn.com/2013/04/25/new-home-sales/?iid=SF_F_River

 More good news for the housing market.

By Joshua Steiner, Hedgeye

FORTUNE -- The chart above shows the ratio of new home sales to total sales historically back to 1999. Currently, new home sales are running at 7.8% of total sales. From 1999 to 2005, new home sales averaged a fairly consistent 16% of total sales. The low watermark was 5.5% in May 2010.
The trend in new home sales as a share of total is encouraging, rising steadily since year-end 2010. If new home sales return to their 1999-2005 average of 16% of total sales, this would imply ~800k new home sales, or roughly double the current 417,000 run rate.

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