Thursday, March 24, 2005

Is this due to New Construction Speculation???

Sales of new homes jumped about 9.4 percent in February to a seasonally adjusted annual rate of 1.226 million, the Commerce Department estimated Thursday.

The sales rate is the second highest rate ever, matching December's pace and just below October's record 1.304 million. It was the largest percentage increase in four years.

Economists were expecting a small increase to about 1.14 million, according to a survey conducted by MarketWatch. See Economic Calendar.
The supply of new homes on the market rose to a record 444,000, representing a 4.4-month supply at the February sales pace. In January, the inventory had spiked to a 4.6-month supply. Read the full release.
RISMEDIA, March 24 – Existing-home sales slipped in February but remained above year-ago levels, while home prices rose at double-digit rates, according to the National Association of Realtors. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, were down 0.4 percent in February to a seasonally adjusted annual rate of 6.79 million from an upwardly revised pace of 6.82 million in January. Last month's sales activity was 6.1 percent above the 6.40 million-unit pace in February 2004.


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