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News : US Economy Last Updated: Apr 26, 2011 - 4:21 PM


US new home sales rebounded from record low in March; Supply at a 1967-year low
By Finfacts Team
Apr 26, 2011 - 3:00 PM

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US new home sales rebounded from record low in March but supply is at a 1967-year low.

Sales of new single-family houses in March 2011 were at a seasonally adjusted annual rate of 300,000, according to estimates released jointly Monday by the US Census Bureau and the Department of Housing and Urban Development.

This is 11.1% above the revised February rate of 270,000, but is 21.9% below the March 2010 estimate of 384,000.

The median sales price of new houses sold in March 2011 was $213,800 (half units sold were lower than this price); the average sales price was $246,800. The seasonally adjusted estimate of new houses for sale at the end of March was 183,000 - -  the lowest inventory level since August 1967.  This represents a supply of 7.3 months at the current sales rate.

The Census Bureau said new-home sales in March rose in three out of four US regions on a monthly basis, including a 66.7% jump in the Northeast, a 25.9% rise in the West and a 12.9% gain in the Midwest. Sales fell by 0.6% in the South.

The demand for new houses is being hit by the state of the existing housing market.

Last week, the National Association of Realtors reported that the national median existing-home price for all housing types was $159,600 in March, down 5.9% from March 2010. Distressed /forced sales - -  typically sold at discounts in the vicinity of 20% - - accounted for a 40% market share in March, up from 39% in February and 35% in March 2010.

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