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
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
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