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Free AccessREPEAT:MNI DATA ANALYSIS: US Mar Home Sales Jump 4.0% To 694k SAAR>
Repeats Story Initially Transmitted at 12:30 GMT Apr 24
--March Months' Supply Down To 5.2 Months vs 5.4 In Feb
--March Median Sales Price +3.5% To $337,200
By Sara Haire and Holly Stokes
WASHINGTON (MNI) - New single-family home sales pace saw a
significant rise in the month, increasing by 4.0% to 694,000, a
deceptively strong number considering the large upward revisions to
February and January, data released by the Commerce Department Tuesday
showed.
New home sales pace came in a lot stronger than the 630,000
expected, based on an MNI survey of economists. This surprise should
bolster the notion of continued growth in the economy.
The supply of new homes for sale was flat in the month, remaining
at 301,000 in March.
Based on the movements in sales and supply in March, the months'
supply fell by 3.7% to 5.2 months, down slightly from February's steep
revision down to 5.4 months (from 5.9 months reported previously).
Despite the decline, this is still higher than the 5.0 months supply a
year ago.
--MEDIAN SALES PRICE INCREASE
Due to the supply of new homes remaining at 301,000 and the sales
pace rising significantly, the median sales price rose 3.5% to $337,200.
This is well above the $321,700 in March 2017 and the entire average for
2017 of $323,100. The average sales price saw a miniscule decline of
0.2% to $369,900.
When broken down regionally, sales were largely varied. The small
Northeast region saw a sharp 54.8% decline, while the larger West region
rose 28.3% in the month. The large South region only mildly increased by
0.8% and the Midwest declined by 2.4%.
New homes sales in February saw a sharp upward revision to a
667,000 rate from the 618,000 rate previously reported. January sales
also saw a significant upward revision to a 644,000 rate from the
622,000 pace previously reported. December, however, saw a downward
revision to 644k from the 653k seen previously.
** MNI Washington Bureau (202) 371-2121 **
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.