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Economy in Brief

New Home Sales Higher
by Tom Moeller March 24, 2005

Sales of new single-family homes recovered 9.4% in February to 1.226M after the little revised 8.6% January decline. Consensus estimates had been for sales of 1.150M.

The rise in sales last month was led by a 9.9% recovery in the Midwest (-6.8% y/y) after the one-third drop in January. In the Northeast sales surged 20.3% (-3.5% y/y) and in the South sales jumped 9.0% (+15.5% y/y). In the West sales gained 7.4% (-1.7% y/y).

The median price of a new single family home jumped 9.6% to $230,700 (+5.1% y/y).

The figures from the Census Department reflect homes sold.

Homes Sales (000s, AR) Feb Jan Y/Y 2004 2003 2002
New Single-Family 1,226 1,121 5.2% 1,198 1,089 976
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