Home Sales

home-salesThis past week, the U.S Census Bureau and the Department of Housing and Urban Development estimated new home sales in March 2009 were at a seasonally adjusted rate of 356,000, down 0.6 percent. 

The median sales price continues to deteriorate, the median sales price of new homes in March 2009 was $201,400, down from $229,300 in March 2008. In April 2008 the median sales price was 19 percent higher at $246,400.

The average sales price of a new home was $258,000 in March 2009, down from $287,000 in March 2008. In April 2008 the average sales price of a new home was 18 percent higher at $314,300.

Another housing statistic release was the available supply of new home available for sale. The seasonally adjusted estimate of new homes for sale at the end of March is 311,000. At the current new homes sale rate it will take 10.7 months to sell these homes. This is down from January 2009 when the available supply of new homes would take 12.5 months to sell.

Before the housing market recovers the available supply of new homes and existing homes has to come down to more historic levels, this will stop the relentless decline in new and exiting home prices.

Author: Brian McKay
April 25th, 2009