New-home sales skyrocket 27% in March (fence, compared, economy, money)

[Finn_Jarber]

New-home sales rose 26.9% to a seasonally adjusted annual rate of 411,000 last month, compared to a upwardly revised annual rate of 324,000 in February, the Census Bureau said.

New-home sales spiked in every region of the United States. The South saw the biggest jump in new home sales, up a stunning 43.5%, while the Northeast region saw sales climb 35.7%. The West and Midwest regions both saw single-digit growth

New-home sales soar 27% in March - Apr. 23, 2010

[summers73]

This is a good thing. Broke homebuilders are having to give up their inventory at rock bottom prices. Economic darwinism is working, as is supply and demand. Lower costs, more demand, less supply.

But, I still see false signals. We'll see what happens after the 8K credit is finally pulled out from under potential buyers. I think some are on the fence thinking that the gubmint is bluffing about not extending it yet again.

[cleanhouse]

The surge is mostly associated with the tax credit.

Once the tax credit is gone the summer months will be dissapointing.

This is one sector of the economy that will no see growth during the broader based recovery.

[Boompa]

Last thing we need is more houses on a gutted market

[jhtrico1850]

Cool. I think I heard on CNBC that new developments in California were selling out quick. The Hills promos must be working

[Finn_Jarber]

Originally Posted by cleanhouse

The surge is mostly associated with the tax credit.

Once the tax credit is gone the summer months will be dissapointing.

This is one sector of the economy that will no see growth during the broader based recovery.

The tax credit has been in effect for a long time now, so it really the sole reason such rise?

[Finn_Jarber]

Originally Posted by jhtrico1850

Cool. I think I heard on CNBC that new developments in California were selling out quick. The Hills promos must be working

Same in Florida. In hot areas there is more demand than supply. The condo market is a different story.

[florida.bob]

Originally Posted by Finn_Jarber

New-home sales rose 26.9% to a seasonally adjusted annual rate of 411,000 last month, compared to a upwardly revised annual rate of 324,000 in February, the Census Bureau said.

New-home sales spiked in every region of the United States. The South saw the biggest jump in new home sales, up a stunning 43.5%, while the Northeast region saw sales climb 35.7%. The West and Midwest regions both saw single-digit growth

New-home sales soar 27% in March - Apr. 23, 2010

Do you have continue feeding us this bad news? How will we hang on to our irrational fears? You are going to force us to only listen to FOX and Rush.

[cleanhouse]

Originally Posted by Finn_Jarber

The tax credit has been in effect for a long time now, so it really the sole reason such rise?

yes because both times there has been a run up at the end of it.

All contracts must be signed by April 30th. So the rush is on.

April numbers will be inflated as well.

May June and July will be dissapointments.

[workingclasshero]

home PRICES still need to come down to affordable levels

its great that homes are selling...nut if they are still too high, and the property taxes are too high (and even worse not listed until closing), then you rae going to see the other skyrocket that you see this month....foreclosures

and we really need to get the JOBS market moving....with out incomes, people cant buy anything