Thursday, March 26, 2009
New Home Sales Spring Forward
The U.S. Census Bureau reported that new home sales rose 4.7% to a seasonally adjusted annual rate of 337,000 in February from a revised 322,000 in January. It was the first increase since July. Economists were expecting a sales rate of 300,000, according to consensus estimates compiled by Briefing.com. The report also showed that the median sale price of new houses in February was $200,900, down 18% from $245,300 a year ago. Are we starting to scrape the bottom?