New government data shows that sales of new single-family homes rose 1.5 percent in March to a seaonally adjusted rate of 417,000 units.
National Association of Home Builders chairman Rick Judson says that this was the second-best sales number since early 2010 and is “a good sign of the continued, gradual headway that our industry is making toward recovery as more buyers jump off the fence in time to take advantage of today’s low interest rates and prices.”
“The latest sales report is right in line with our forecast for continued, modest increases in home prices and sales through 2013,” NAHB chief economist David Crowe said in a written statement circulated by NAHB. “At this point, we are about half-way back to what would be considered a ‘normal’ level of sales activity as challenges related to supplies of credit, building materials, lots and labor are slowing the pace at which builders can build and sell new homes.”
The Northeast and South showed double-digit increases, while the Midwest and West showed declines. The Northeast showed the biggest gain, with a 20.6 percent increase in sales.
NAHB also said that the inventory of new homes in March was 151,000, a 4.4-month supply.
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