But they were higher six months ago, and inventories are rising.
Inventories have risen in all but one of the past 19 months.
As a result, inventories of new homes rose to the highest level since 1980.
Inventories rose at the end of 1987 as consumer demand fell.
Inventories have been rising, and he expects the trend to continue.
Inventories are also rising, yet another sign of weakness in the latest housing data.
The report said that inventories of goods on shelves and lots rose 0.1 percent.
At the same time, inventories rose 2.2 percent, a fact that could prove troublesome this year.
Instead, inventories rose to $6.9 billion from $6.6 billion in the quarter a year earlier.
It was the 23d straight month in which inventories had risen, but sales generally have kept pace.
