New home sales jump in March
April 26th, 2011 10:59am
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After a very slow pace in February, the government says new home sales rebounded in the month of March, showing significant gains at the start of the spring homebuying season.According to the Commerce Department, sales of new homes nationwide increased to a seasonally adjusted annual rate of 300,000 during the month, up 11.1 percent from sales in February.
"The March pace of new-home sales more accurately reflects current market conditions than the extremely low pace we saw in the first two months of this year, when unusually poor weather likely kept buyers away," said National Association of Home Builders' chief economist David Crowe.
Analysts said while the sales rate was more than 21 percent below last year's levels, the tax credit was in effect for March 2010.
However, many people looking at Houston homes continue to look at existing properties rather than new homes, mainly because of their lower prices. While new homes have a median price of $213,000 nationwide, the National Association of Realtors says the median existing home price is just $159,000.
Courtesy of 2M Realty News
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