New home sales
U.S. Census Bureau data released this morning shows good news for new home sales, one of the hardest hit sectors in the real estate market. Last month, sales hit their lowest point since recording began, along with starts, permits and prices.
Despite dropping 22% in volume from March 2010 to March 2011, sales of new single family homes rose an unexpected 11% from February 2011.
Builders have struggled to compete with the consumer appeal of the rising foreclosure market, but the hit taken in starts and permits has resulted in a more conservative inventory level with March hitting a 522 month low.
The median sales price of new homes rose 2.9% to $213,800 from the previous month and only fell 4.9% from the month prior.
