by Bill McBride on 4/26/2005 12:54:00 AM
Tuesday, April 26, 2005
According to a Census Bureau report, New Home Sales set a record in March to a seasonally adjusted annual rate of 1.431 million vs. market expectations of 1.19 million.
Click on Graph for larger image.
NOTE: The graph starts at 700 thousand units per month to better show monthly variation.
Sales of new one-family houses in March 2005 were at a seasonally adjusted annual rate of 1,431,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 12.2 percent above the revised February rate of 1,275,000 and is 12.7 percent above the March 2004 estimate of 1,270,000.
The median sales price of new houses sold in March 2005 was $212,300; the average sales price was $281,300. The seasonally adjusted estimate of new houses for sale at the end of March was 433,000. This represents a supply of 3.6 months at the current sales rate.
There is a seasonal pattern to supply and 3.6 months is below the normal level of supply as compared to 2003 and 2004. Months of supply is based on sales, and the record sales in March makes the months of supply number smaller.