March New Home Sales - Business Insider

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The March reading of new home sales is out.

The headline number climbed 1.5% to an annualized rated of 417k.

Economists were looking for a 1.2% increase to a level of 416k.

The discrepancy in the numbers comes from the fact that last month's 4.6% drop was down to a 7.6% drop.

"The median sales price of new houses sold in March 2013 was $247,000; the average sales price was $279,900," added the Census. "The seasonally adjusted estimate of new houses for sale at the end of March was 153,000. This represents a supply of 4.4 months at the current sales rate."

"The drop in sales in February was probably at least partly reversed," said Jim O'Sullivan of High Frequency Economics in a note yesterday.

Source: http://www.businessinsider.com/march-new-home-sales-2013-4

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