Results 1 to 2 of 2
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
04-23-2010, 12:15 PM #1
New-home sales up 27%, biggest gain in 47 years
New-home sales up 27%, biggest gain in 47 years
Updated 24m ago
By Alan Zibel, AP Real Estate Writer
WASHINGTON — 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.
http://www.usatoday.com/money/economy/h ... ales_N.htmNO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
-
04-24-2010, 01:17 AM #2
RELATED
Why So Glum? History Suggests a Strong Recovery
http://www.alipac.us/ftopict-194308.htmlNO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Exclusive – Sen. Marsha Blackburn at Border: ‘Walls Work,’ Need...
03-28-2024, 09:54 PM in illegal immigration News Stories & Reports