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Sales of new US homes rose 1.5% in March, figures show Sales of new US homes rose 1.5% in March, figures show
(5 months later)
Sales of new homes in the US rebounded in March to a seasonally adjusted annual rate of 417,000. The increase added to evidence of a sustained housing recovery at the start of the spring buying season.Sales of new homes in the US rebounded in March to a seasonally adjusted annual rate of 417,000. The increase added to evidence of a sustained housing recovery at the start of the spring buying season.
The Commerce Department said Tuesday that sales of new homes increased 1.5%. The gain brought the level higher than February's pace of 411,000, though below January's 445,000 the fastest pace since July 2008.The Commerce Department said Tuesday that sales of new homes increased 1.5%. The gain brought the level higher than February's pace of 411,000, though below January's 445,000 the fastest pace since July 2008.
New-home sales are still below the 700,000 pace considered healthy by most economists. But the pace has increased 18.5% from a year ago. Most economists see more gains ahead, as housing is likely to remain a consistent driver of economic growth this year.New-home sales are still below the 700,000 pace considered healthy by most economists. But the pace has increased 18.5% from a year ago. Most economists see more gains ahead, as housing is likely to remain a consistent driver of economic growth this year.
"With increasing signs of a softer US economy springing up in the spring, we can take comfort in the resilience of the housing recovery," said Jennifer Lee, senior economist at BMO Capital Markets."With increasing signs of a softer US economy springing up in the spring, we can take comfort in the resilience of the housing recovery," said Jennifer Lee, senior economist at BMO Capital Markets.
Steady job creation and near-record-low mortgage rates are spurring more Americans to buy houses. The rise in demand is helping to boost sales and prices in most markets. Higher prices tend to make homeowners feel wealthier and encourage more spending.Steady job creation and near-record-low mortgage rates are spurring more Americans to buy houses. The rise in demand is helping to boost sales and prices in most markets. Higher prices tend to make homeowners feel wealthier and encourage more spending.
A limited supply of both new and previously occupied homes has also helped boost prices.A limited supply of both new and previously occupied homes has also helped boost prices.
The median price of a new home rose to $247,000 in March, 3% higher than a year ago.The median price of a new home rose to $247,000 in March, 3% higher than a year ago.
Sales of previously occupied homes dipped in March from February, according to the National Association of Realtors, although they were still 10.3% higher than a year earlier.Sales of previously occupied homes dipped in March from February, according to the National Association of Realtors, although they were still 10.3% higher than a year earlier.
The Realtors' group cited the low supply of homes as a reason sales fell in March. But in a positive sign, the inventory of previously occupied homes increased for the second straight month after eight months of declines. That suggests more sellers are confident that the recovery will continue and they can sell at a good price.The Realtors' group cited the low supply of homes as a reason sales fell in March. But in a positive sign, the inventory of previously occupied homes increased for the second straight month after eight months of declines. That suggests more sellers are confident that the recovery will continue and they can sell at a good price.
Low inventories have helped drive more construction of new homes.
US homebuilders started work on more than 1m new houses and apartments in March at a seasonally adjusted annual rate, the first time it had crossed that threshold in nearly five years. That reflected a surge in volatile apartment building.		Low inventories have helped drive more construction of new homes.
US homebuilders started work on more than 1m new houses and apartments in March at a seasonally adjusted annual rate, the first time it had crossed that threshold in nearly five years. That reflected a surge in volatile apartment building.
Single-family home construction fell in March after reaching the fastest in nearly five years.Single-family home construction fell in March after reaching the fastest in nearly five years.
A low supply of homes for sale is just one of several constraints that could limit sales. Since the housing bubble burst more than six years ago, banks have imposed tighter credit conditions and required larger down payments. That has made it harder for first-time homebuyers to qualify for the super-low mortgage rates that have resulted from the Federal Reserve's efforts to ease credit.A low supply of homes for sale is just one of several constraints that could limit sales. Since the housing bubble burst more than six years ago, banks have imposed tighter credit conditions and required larger down payments. That has made it harder for first-time homebuyers to qualify for the super-low mortgage rates that have resulted from the Federal Reserve's efforts to ease credit.
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