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Economy in Brief

New Home Sales Set Another Record
by Tom Moeller April 26, 2005

New single-family home sales set a new record in March with a 12.2% m/m jump to 1.431M following the upwardly revised 8.2% increase in February. Consensus estimates had been for sales of 1.190M.

Last month's sales gain was led by a 21.9% jump in the Midwest (13.6% y/y) and a 13.8% (18.6% y/y) rise in the South. Sales in the West also rose 9.9% (5.0% y/y) but in the Northeast sales fell 8.9% (+1.2% y/y) after a jump one third higher in February.

The median price of a new single family home gave back all of the prior month's gain and fell 9.3% to $212,300 (+1.3% y/y).

The figures from the Census Department reflect homes sold.

The cost of business cycles and the benefits of stabilization from the Federal Reserve Bank of Chicago is available here.

Homes Sales (000s, AR) Mar Feb Y/Y 2004 2003 2002
New Single-Family 1,431 1,275 12.7% 1,200 1,089 976
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