FXstreet.com (Barcelona) - News related to the US housing sector range from bad to worse in the last twelve months, this time has been the unexpectedly sharp decline in new home sales in March, surpassing widely the decline forecasted by the analysts, according to data released by the US Commerce Department.
Sales of new houses have dropped 8.5% from February to March to a seasonally adjusted annual rate of 526,000 units, following a 5.3% decline in February, revised down from the previously estimated 1.8% decline. March figures have been unexpectedly negative, as market analysts expected a 1.0% fall.
In the last twelve months, new home sales have dropped 36.6% from the 830,000 annual rate posted in March 2007.
The median sales price of a new house in March was $227,600. The seasonally estimated amount of new houses to sale has risen to 468,000 at the end of March, a supply of 11.0 months at the current sales pace, up from 10.2 months in February.