–Sales Pace Revised Higher In January and February
–Supply On Market Falls 1.1% To 183,000, Low Since 1967
By Kevin Kastner
WASHINGTON (MNI) – The pace of new single-family home sales jumped
11.1% in March to an annual rate of 300,000 after seasonal adjustment,
a larger gain than expected, data released Monday by the Commerce
Department showed.
Analysts had expected a rise in sales to a 280,000 seasonally
adjusted annual rate, based on the median forecast in a Market News
International survey. In addition to the larger-than-expected rise in
the sales pace, there were upward revision to the sales rates in January
and February.
Sales were up sharply in the Northeast, Midwest, and West regions,
and were down only slightly in the very large South regions.
On an unadjusted basis, new home sales were up 38.1% from February,
but were down 19.4% from a year ago.
The supply of homes for sale fell 1.1% to 183,000 in March, the
lowest level since 181,000 in August 1967. As a result of the sharp rise
in the monthly sales pace and the decline in supply, the months supply
fell to 7.3 months after surging to 8.2 months in February.
The median sales price rose 2.9% to $213,800 in March, but was down
4.9% from March 2010.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
