Latest Articles
2010-04-23 18:41:05
New Home Sales Show Big Jump
Sales of new homes surged 27% 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% from a year earlier but down more than 3% 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% in the South and 36% in the Northeast. They also rose about 6% in the West and 3% in the Midwest.
The number of new homes up for sale in March fell 2% to 228,000. At the current sales pace, it would take nearly 7 months to exhaust that supply.

Recent Posts
Next Videos
Related Post

Industry, Education
Negotiating Tip 114: Retreat Negotiations
March 29, 2019

Industry, Education
Negotiating Tip 113: Activating Our Opponent
March 28, 2019

Industry, Education
Negotiating Tip 112: Misconceptions
March 27, 2019
http://www.realtown.com/blog/Above-and-Beyond-CMLS2018-Saul-Klein-interviews-Rebecca-Jensen-CEO-MRED
http://www.realtown.com/blog/is-the-fed-and-congress-still-winking-and-nodding-at-mortgage-kickbacks
http://www.realtown.com/blog/coldwell-banker-on-location-youtube-channel-surpasses-two-million-views
http://www.realtown.com/blog/online-marketing-pocono-real-estate-isn-t-just-for-honeymooners-anymore
http://www.realtown.com/blog/virtual-receptionist-services-are-the-ideal-and-cost-effective-method-1
http://www.realtown.com/blog/pandora-ring-is-the-quality-of-the-lyalty-declaration-of-love-ring-at-1
http://www.realtown.com/blog/five-strategies-to-build-your-business-from-real-estate-s-leading-women
http://www.realtown.com/blog/r-e-marketing-strategies-how-you-can-end-the-habit-of-procrastination-1
http://www.realtown.com/blog/fannie-mae-and-freddie-mac-again-under-pressure-to-suspend-foreclosures
http://www.realtown.com/blog/federal-aid-unable-to-control-rise-in-bank-and-hud-foreclosure-listings
http://www.realtown.com/blog/point-appoints-re-veteran-walter-t-baczkowski-jr-as-chief-sales-officer
http://www.realtown.com/blog/insurance-internet-marketing-for-p-c-agents-offered-by-agreatertown-com
http://www.realtown.com/blog/real-estate-marketing-strategies-seven-powerful-tips-to-more-confidence
http://www.realtown.com/blog/luxury-real-estate-is-paris-the-most-attractive-city-for-large-fortunes
http://www.realtown.com/blog/re-marketing-strategies-does-your-people-pleaser-pattern-get-in-the-way
http://www.realtown.com/blog/realtown-announces-poll-results-of-nar-membership-fee-increase-proposal
http://www.realtown.com/blog/the-hamp-is-not-successful-in-helping-people-distressed-by-foreclosures
http://www.realtown.com/blog/re-marketing-strategies-mistakes-agents-make-with-the-law-of-attraction
http://www.realtown.com/blog/lender-processing-services-announces-formation-of-lps-real-estate-group
http://www.realtown.com/blog/clear-capital-reports-slowing-of-national-quarterly-home-price-declines
http://www.realtown.com/blog/cb-expands-its-international-network-with-francise-agreement-for-greece
http://www.realtown.com/blog/coldwell-banker-real-estate-releases-annual-home-price-comparison-index
http://www.realtown.com/blog/cb-portraits-campaign-spotlights-multimedia-re-tools-and-consumer-trust
http://www.realtown.com/blog/marketing-strategies-do-you-find-it-easy-or-difficult-to-toot-your-horn
http://www.realtown.com/blog/there-are-varieties-of-gladiator-fashion-women-shoes-that-are-available
http://www.realtown.com/blog/r-e-marketing-strategies-hate-to-make-cold-calls-tips-to-make-it-easier
http://www.realtown.com/blog/nar-awards-grants-to-support-local-association-smart-growth-initiatives

2020 Real Town The Real Estate Network