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Economy in Brief

New Home Sales Still on a Record Pace
by Tom Moeller May 25, 2005

New single-family home sales in April rose just 0.2% m/m to 1.316M and the prior month's increase was more than halved. Nevertheless, sales in April set a record and for the year to date are 5.8% ahead of the 2004 average. Consensus estimates had been for sales of 1.325M.

Sales in the Northeast last month spurted by more than one third (28.9% y/y). In the West sales rose moderately (6.4% y/y) but in the Midwest sales fell for the third month this year (+1.0% Y/Y). In the South sales also fell by 5.3% (+20.2% y/y).

The median price of a new single family home recovered most of the prior month's decline and rose 6.1% to $230,800 (3.8% y/y).

The figures from the Census Department reflect homes sold.

The latest FOMC meeting minutes can be found here.

Homes Sales (000s, AR) April March Y/Y 2004 2003 2002
New Single-Family 1,316 1,313 13.3% 1,200 1,091 976
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