Wednesday, May 26, 2010

Positive data from Census on housing

The Census released new residential home sales for April 2010 a few minutes ago, and the headline number of 504,000 beat the consensus estimate of 425,000.

From the release:

Sales of new one-family houses in April 2010 were at a seasonally adjusted annual rate of 504,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.  This is 14.8 percent (±19.5%)* above the revised March rate of 439,000 and is 47.8 percent (±26.0%) above the April  2009 estimate of 341,000.
The median sales price of new houses sold in April 2010 was $198,400; the average sales price was $249,500. The  seasonally adjusted estimate of new houses for sale at the end of April was 211,000. This represents a supply of 5.0 months at the current sales rate.
Any positive news here is welcome.  The home construction market cannot get back into gear until currently "for sale" inventory is moved, not to mention "shadow inventory" lying in wait.

Copyright 2010 AlphaNinja

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