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Economy in Brief

U.S. New Home Sales & Prices Drop
by Tom Moeller April 24, 2008

During March, new single family home sales fell 8.5%. The decline to 526,000 followed a 5.3% drop during February that was revised deeper from the initial report. A March sales level of 585,000 had been expected. The latest level of sales was the lowest since 1991.

By region, double digit month-to-month declines were logged in the Northeast (-64.6% y/y), in the Midwest (-50.0% Y/Y) and in the West (-39.3% y/y). In the South new home sales fell by a lesser 4.6% m/m (-25.9% y/y).

The median price for a new single family home fell 6.8% to $227,600 and reduced prices to near their lowest since 2004.

The number of new homes for sale fell 1.1% last month (-14.6% y/y). That inventory was down 18.3% from the peak in mid-2006.

Will Rural Prosperity Prevail in 2008? from the Federal Reserve Bank of Kansas City is available here.

US New Homes March February Y/Y 2007 2006 2005
Total Sales (SAAR, 000s) 526 575 -36.6% 773 1,049 1,279
Median Price (NSA, $) 227,600 244,200 -13.3% 243,500 243,067 234,208
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