Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

March New Home Sales Down Slightly, But Better Than Expected

New home sales dipped .6 percent in March, compared to February, but the drop was less than expected, the Commerce Department said this morning.

March's seasonally adjusted annual sales rate was 356,000, higher than the 340,000 expected by economists.

The key number to look at in new home sales is excess inventory. Until most of those new and empty houses get sold (or bulldozed), there can be no real recovery in the housing market.

Currently, there is a 10.7 month supply of new homes -- that means, at current sales rates, it would take 10.7 months to burn off all the inventory.

But that number is down from March, and economists find that encouraging.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  April 24, 2009; 10:24 AM ET
Categories:  The Ticker  | Tags: Commerce Department, home sales  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Markets Up At Opening
Next: Both Sides Of 'Better Than Expected'

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company