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Substantial rise in new-home sales seen during March

Posted on Tuesday, April 23, 2013 at 3:56:10 PM

As the national economy continues to make progress toward achieving total recovery from the financial crisis of recent years, positive increases in both home sales and prices have been exhibited in past months. 

According to a joint report released by the U.S. Census Bureau and the Department of Housing and Urban Development, transactions of new single-family houses improved 1.5 percent in March on a month-over-month basis. The seasonally adjusted yearly rate of 417,000 home sales was a marked improvement from the 411,000 logged in February, and an 18.5 percent jump from the 352,000 transactions recorded during March 2012.

"This is the second-best sales number we've seen since early 2010, and a good sign of the continued, gradual headway that our industry is making toward recovery as more buyers jump off the fence in time to take advantage of today's low interest rates and prices," said Rick Judson, chairman of the National Association of Home Builders.

Consumers considering taking advantage of bolstering housing market conditions and pursuing homeownership may find the necessary funds through residential financing opportunities with trusted lending groups.

However, interested parties may want to act quickly. The two government organizations reported that the seasonally adjusted estimate of available new houses at the end of March was at 153,000, representing an inventory supply of just 4.4 months at the current rate of sales.