New home sales jumped 13.8% in March 2006 to a seasonally adjusted annual rate of 1,213,000 units according to Commerce Department data released Wednesday. New home sales remained 7.2% below the record breaking rate of March 2005.
The median sales price of new houses sold in March 2006 was $224,200; the median price of existing homes in March reported Tuesday by the National Association of Realtors was $218,000.
Sales of new one-family houses in March 2006 were at a seasonally adjusted annual rate of 1,213,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 13.8 percent (±14.9%) above the revised February rate of 1,066,000, but is 7.2 percent (±12.8%) below the March 2005 estimate of 1,307,000.
The median sales price of new houses sold in March 2006 was $224,200; the average sales price was $279,100. The seasonally adjusted estimate of new houses for sale at the end of March was 555,000. This represents a supply of 5.5 months at the current sales rate.
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