New-home sales approach record pace

March 24, 2004

Transactions hit 1.16 million-unit rate in February


Inman News

Sales of new single-family homes rose last month to the third highest rate on record, according to statistics released jointly today by the Census Bureau and the Department of Housing and Urban Development.

The government agencies reported 1.16 million annualized sales in February, an increase of 5.8 percent from January and a jump of 24.4 percent from February 2003.

Two regions registered sales increases for the month. The West, with a 28.5 percent gain, posted the largest increase following some setbacks in January, and the Northeast posted a 12 percent gain. The South registered a 1.2 percent decline from the month before, and the Midwest rate dropped 10.6 percent, following an upward bounce in January.

The median sales price of new houses sold last month was $205,500, while the average sales price was $257,200.

The seasonally adjusted estimate of new homes for sale at the end of February was 373,000, which represents a supply of 3.8 months at the current sales rate.

"These housing numbers coupled with record 2003 home ownership and home sales show that housing continues to lead the way in our rebounding economy," said HUD Acting Secretary Alphonso Jackson.

HUD is a federal agency that implements housing policy.

Copyright: Inman News Features


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.