The Census Bureau reportsNew Home Sales in March were at a seasonally adjusted annual rate (SAAR) of 300 thousand. This was up from a revised 270 thousand in February. (SAAR is seasonally adjusted annual rate)
From the Census Bureau the number of unsold new homes was was 183,000 which represents a 7.3 months supply of new homes at the current sales pace. The inventory of completed homes for sale fell to 73,000 units in March. The combined total of completed and under construction is at the lowest level since this series started.
In March 2011 (red column), 29 thousand new homes were sold (NSA). This is a new record low for the month of March. The previous record low for March was 31 thousand in 2009. The high was 127 thousand in 2005.
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