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Economy in Brief

U.S. New Home Sales Are Highest This Year
by Tom Moeller  May 24, 2011

Total new home sales in April rose 7.3% m/m to 323,000 (AR). The latest figure slightly beat expectations for 303,000 sales according to Action Economics. Despite the latest rise, new home sales still have fallen by three-quarters from the record 1,258,000 during all of 2005. The rise in April sales was most pronounced in the West where sales rose 15.1% m/m. Gains in other regions were between 4% and 8%.

With the rise in sales, the inventory of unsold homes fell to a 6.5 months supply, its lowest in twelve months. However, it took a median 8.8 months to sell a home since completion, the most since August.

The median price of a new single family home rose 1.6% m/m to $217,900 versus an upwardly revised March level. By region, median home prices were highest in the Northeast at $326,200 followed by $247,300 in the West. In the South home prices averaged $199,200 while in the Midwest they averaged $192,400.

The data in this report are available in Haver's USECON database.

U.S. New Home Sales Apr Mar Feb Y/Y % 2010 2009 2008
Total (SAAR, 000s) 323 301 278 -23.1 321 374 482
Northeast 28 26 18 -22.2 31 31 35
Midwest 43 41 31 -21.8 45 54 69
South 168 161 166 -24.7 173 202 265
West 84 73 63 -20.8 74 87 113
Median Price (NSA, $) 217,900 214,500 217,800 4.6 221,242 214,500 230,408
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