New home sales data released
The National Association of Home Builders (NAHB) has released data for March new home sales. The NAHB reports that "Sales of new single-family homes increased a slight 2.6 percent in March to a seasonally adjusted annual rate of 858,000 units, following sharp declines in both January and February, according to figures released by the U.S. Commerce Department today. The March sales pace was 23.5 percent below a year earlier."
Citing the tightening of mortgage lenders as a reaction to subprime woes, the NAHB also reports that the inventory of new homes is also growing. Another sign of the weak housing market.
"The inventory of new homes for sale edged up in March to 545,000 units, equivalent to a 7.8 months’ supply at the March sales pace. Completed homes for sale were 33 percent of the inventory, while units still under construction represented 50 percent of the inventory and units for-sale that were permitted but not yet started represented almost 17 percent of the inventory level. The median length of time that completed homes were on the market was 5.6 months in March, up from 5.2 months in February."
To read more: National Association of Home Builders