Quick Look at the Economy this Week: Home Sales at 13-Year Lows

After listening to the candidates talk about the economy with some pretty general points let's look at where we are at right now this week with some of the leading economic issues. Maybe you can look a head and get your luxury watches because you know what to expect.

Consumers are growing more pessimistic about the economy amid continued declines in the labor and housing markets. Here's a look at this week's economic developments and how they may affect your business. More on this

Sales of new homes declined by 1.8 percent in February to 13-year low annual rate of 590,000 units, the Commerce Department reported Wednesday.

By the end of the month, there were 471,000 new homes left unsold on the market, enough for a 9.8 month supply at the current sales pace. Despite the declines, median sales prices rose by $18,500 last month to $244,100.

New home sales have now fallen by nearly 30 percent over the past 12 months.