New Home Sales Jump 11 Percent
New Home Sales Jump 11 Percent
The U.S. Commerce Department reported Monday that new home sales rose more-than-expected in March as the supply of new homes on the market fell to its lowest level since August 1967, though prices are still below where they were a year ago at this time. The agency said new home sales increased 11.1 percent last month to a seasonally adjusted annual pace of 300,000 units from an upwardly revised pace of 270,000 units in February. Economists, in a recent survey conducted by Reuters, did predict the increase, but expected the pace to be around 280,000 units, on average. Compared to last March, sales are still down 21.9 percent.
The nation's market for newly-built homes has struggled to compete with waves of foreclosures, and cheaper, previously owned homes, even though new home inventory is at a 43-plus year low. A report issued last week showed that there were 3.55 million previously owned homes on the market in March, well above the level of 2-2.5 million that most economists deem healthy. When homes that are currently in jeopardy of foreclosure are taken into account, supply balloons to between 8 and 9 million units, according to economists.
The median sales price of homes sold in March was $213,800, a 2.9 percent increase from February but still 4.9 percent lower than last March. At the pace of sales reported for March, it would take 7.3 months to exhaust supply, compared to 8.2 months in February. There were a total of 183,000 new homes for sale across the U.S. in March, the lowest such total in more than 43 years.
The U.S. Commerce Department reported Monday that new home sales rose more-than-expected in March as the supply of new homes on the market fell to its lowest level since August 1967, though prices are still below where they were a year ago at this time. The agency said new home sales increased 11.1 percent last month to a seasonally adjusted annual pace of 300,000 units from an upwardly revised pace of 270,000 units in February. Economists, in a recent survey conducted by Reuters, did predict the increase, but expected the pace to be around 280,000 units, on average. Compared to last March, sales are still down 21.9 percent.
The nation's market for newly-built homes has struggled to compete with waves of foreclosures, and cheaper, previously owned homes, even though new home inventory is at a 43-plus year low. A report issued last week showed that there were 3.55 million previously owned homes on the market in March, well above the level of 2-2.5 million that most economists deem healthy. When homes that are currently in jeopardy of foreclosure are taken into account, supply balloons to between 8 and 9 million units, according to economists.
The median sales price of homes sold in March was $213,800, a 2.9 percent increase from February but still 4.9 percent lower than last March. At the pace of sales reported for March, it would take 7.3 months to exhaust supply, compared to 8.2 months in February. There were a total of 183,000 new homes for sale across the U.S. in March, the lowest such total in more than 43 years.
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