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The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. That represents the largest month-to-month increase in forty-seven years! It was also the strongest monthly performance since July of 2009. The new home sales figure jumped 27% from a dismal February number to a seasonally adjusted annual sales pace of 411,000 homes. The February reported number was 324,000. The new-home sales report reflects signed contracts to purchase homes rather than completed sales and thus gives economists a feel for how many buyers were out shopping for new homes in a given month. Of course, all reports of the up-tick reference the soon to expire federal tax credit. It will be interesting to see how the real estate market reacts after April 30th. You can find more news about the new home sales figures here: |
