New Home Sales Rise in March
April 26, 2010
New home sales rose 26.9% in March to a seasonally adjusted annual rate of 411,000 units from an upwardly revised rate of 324,000 units in February. Economists had expected a pace of 330,000 units. This was the biggest monthly increase in 47 years.
The index of leading economic indicators is designed to forecast economic activity in the next three to six months — rose 1.4% in March after a revised 0.4% gain in February. It was the 12th straight monthly increase and the fastest pace of growth in 10 months.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending April 16 rose 13.6%. Purchase volume increased 10.1%. Refinancing applications jumped 15.8%.
The producer price index, which tracks wholesale price inflation, rose 0.7% in March, following a 0.6% decrease in February. Economists had expected a rise of 0.4%. The increase was largely due to a sharp rise in vegetable prices after a cold snap damaged crops in Florida.
Existing home sales rose approximately 6.8% in March to a seasonally adjusted annual rate of 5.35 million units from 5.01 million units in February. The inventory of unsold homes on the market rose approx. 1.5% to approx. 3.6 million, an 8-month supply at the current sales pace, down from an 8.5-month supply in February.
Orders for durable goods — items expected to last three or more years — fell 1.3% in March after a revised 1.1% increase during February. Excluding volatile transportation-related goods, orders posted a monthly increase of 2.8%.
Initial claims for unemployment benefits fell by 24,000 to 456,000 in the week ending April 17. Continuing claims for the week ending April 10 fell by 40,000 to 4.6 million.
Upcoming on the economic calendar are reports on the housing price index and consumer confidence on April 27, and gross domestic product on April 30.
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8 Comments to New Home Sales Rise in March
Comments
Now that our economy is on the mend, it looks like the rest of the world is beginning to go through what we did. Hope it doesn’t come back to bite us again.
Thanks for sharing this information with us, really great experience to read this post,
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We need to stop foreclosure, many people are now homeless, even celebrities are also affected.., Bank of America/Mortgage Company should also understand the situation..
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The consumer confidence are increasing. The housing price also rising.
I have a fabulous agents, I have use her three times and she gets a lot of repeat business because she works with people on other fields (like the ones mentioned) and they give discounts when she refers her clients to them.
We couldn’t sell because our home was flipped over 80k and no offers were coming in. We decided to end our contract with our Realtor and sell to an investor and it worked out perfect.
Good to know that the market is coming back though.
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Those are great figures for March. Good to see an upturn in activity.
Hi, after the downturn in real estate sector now it seems some hope as continous increase of price is noted in case of assets. Some of the big player like REMAX has their contribution in bring the real estate sector back on track.
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