March 2013 saw new home sales increase 1.5%, according to U.S. Census Bureau data, reaching a seasonally adjusted annual rate of 417,000 units.
The inventory of new, single-family homes for sale was little changed from February to March--151,000 in March, or a 4.4-month supply at the current rate of sales.
"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 (NAHB) and a home builder from Charlotte, NC.
"The latest sales report is right in line with our forecast for continued, modest increases in home prices and sales through 2013," said NAHB Chief Economist David Crowe. "At this point, we are about half-way back to what would be considered a 'normal' level of sales activity as challenges related to supplies of credit, building materials, lots and labor are slowing the pace at which builders can build and sell new homes."
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