February home sales slowing
The real estate market is beginning to slow down, falling into line with a more sustainable rate of growth. According to the most recent numbers from the U.S. Department of Housing and Urban Development, new single-family home sales decreased to a seasonally adjusted annual rate of 440,000, a 3.3 percent drop from January's revised rate of 455,000 and a 1.1 percent decrease from February of 2013. The median price for a new home sold was $261,000 and the average price for a new home sold was $317,500. Some of this decrease is attributable to the severe winter weather that much of the U.S. experienced in the first half of the month.
Despite this news, economic analysts remain optimistic as new information from the Consumer Confidence Board suggests that consumers are feeling better. The consumer confidence index increased to 82.3 in March, up from 78.3 in February.
"Consumer confidence improved in March, as expectations for the short-term outlook bounced back from February's decline," Lynn Franco, director of Economic Indicators at The Conference Board, said in a release. "Overall, consumers expect the economy to continue improving and believe it may even pick up a little steam in the months ahead."
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