I personally think the year 1967 was great. Don't you?
Well I guess not if you are selling a home or in the real estate business.
According to the census department, new home sales printed at 300,000 in March (annualized; actual number sold was a whopping 29,000, of which 59% were not even built yet), a modest beat of expectations of 280,000. The February number was revised from 250K to 270K. Therefore this was a 11.1% increase from what were virtually record lows. Refuting the better than expected headline, the underlying data was not too pretty: "The median sales price of new houses sold in March 2011 was $213,800; the average sales price was $246,800. The seasonally adjusted estimate of new houses for sale at the end of March was 183,000. This represents a supply of 7.3 months at the current sales rate" compared to 8.2 months in February. Additionally there was 1,000 or less house sold between $400,000 and $499.999, 1,000 or less houses sold between $500,000 and $749,000 and (Z) or less than 500 units sold under $750,000. And the kicker: the number of houses for sale at the end of March, 182,000 was the lowest since 1967. Welcome to the (recoveryless) recovery.
It's good that the number of houses for sale in March was low. That means the inventory is dropping and demand can start to catch up with supply.
ReplyDeleteSo is it time to buy a house or not?
ReplyDeleteYour post was very impressive and I enjoyed reading it. Thank you for sharing and keep posting.
ReplyDeleteCharles A
Thanks for sharing this very informative article. I am wondering what is happening now on the house for sale it is still as low as last year. Keep updating us about it.
ReplyDeleteHi, this article is worth to read and interesting too. Hope to see an updates about this properties. Thanks.
ReplyDelete