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Business
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Title: New-Home Sales See Biggest Jump In 47 Years; Sales Surge 27 Percent
Source: Associated Press
URL Source: http://www.msnbc.msn.com/id/36735173/ns/business-real_estate
Published: Apr 23, 2010
Author: Associated Press
Post Date: 2010-04-23 11:17:04 by Brian S
Keywords: None
Views: 197
Comments: 2

WASHINGTON - Sales of new homes surged 27 percent last month, bouncing off the previous month's record low and blowing past expectations as better weather and government incentives boosted sales.

The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.

Economists surveyed by Thomson Reuters had expected a sales pace of 330,000. February's results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country.

The median sales price was $214,000, up more than 4 percent from a year earlier but down more than 3 percent from February.

The new-home sales report reflects signed contracts to purchase homes rather than completed sales and thus gives economists a feel for how many buyers were out shopping for new homes in a given month.

It is likely capturing consumers who are trying to qualify for federal tax credits that will expire at the end of this month. The government is offering an $8,000 credit for first-time buyers and $6,500 for current homeowners who buy and move into another property.

To qualify, buyers must have a signed contract complete by the end of next week and must complete the transaction by the end of June. Nearly 1.8 million households have used the credit at a cost of $12.6 billion, according to the Internal Revenue Service.

The rise in new-home sales was seen nationwide. Sales grew a whopping 44 percent in the South and 36 percent in the Northeast. They also rose about 6 percent in the West and 3 percent in the Midwest.

The number of new homes up for sale in March fell 2 percent to 228,000. At the current sales pace, it would take nearly 7 months to exhaust that supply.

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Begin Trace Mode for Comment # 1.

#1. To: Brian S (#0)

This can simply be "ergo-ed" that the economy is doing better than it has been for the past 47 years.

The logic is clear....yes......how can everyone not see this??

chuckles......you are doubling as GO65 are you not?

e_type_jag  posted on  2010-04-24   4:27:18 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 1.

#2. To: e_type_jag (#1)

chuckles......you are doubling as GO65 are you not?

I doubt that, but you're definitely doubling as the yucktard.

Skip Intro  posted on  2010-04-24 12:48:32 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 1.

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