FollowThe sales in terms of the new single family homes have risen in the month of March. It is an open indication that the housing sector is in the phase of recovery. The new figures have been reported from the side of the commerce department which has reported the rise in the sales to about 1.5 %. The adjusted annual rate has been totaled to about 417,000 units. The rise which seen in the last month was more than the 7.6 5 drop which was seen in the month of February.
The economists had expected the sales to be going up to nearly 420,000 in terms of the unit rate for the last month. Compared with the month of March, 2012, the sales have been seen to have increased by a level of about 18.5 % which is a clear indication about the strengthening of the housing market. The sector has indeed added some boost to the falling condition of the economy. The sales are also being set back in terms of the lack for the supply of homes. The inventory for the new homes in the housing market has risen to about 2 % or in total of about 153,000 units.
If the pace of the sales remains the same as seen in the month of March, it is going to take about 4.4 months for the clearance of the units. If the supply remains a bit constant for 6 months, then it is seen as a healthy balance in terms of the supply as well as the demand. The new home sales and prices should be pushed up in lines to the new prices for the homes. The median price for the sales of the new homes was nearly $ 247,000 which is up by a level of about 5 % in comparison to the past year.
Last month, the sales in the Northeast have surged to about 20.6 % and rose by a level of about 19.4 % in terms of the regions of the South. It is a fact that the financial institutions of the country are eyeing the growth of the sector for the betterment of the economy.
