Ahead of the Bell: New Home Sales |
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Thu, 24 May 2007 12:07
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WASHINGTON (AP) - Economists anticipate April's new home sales data to show an improvement from March, though the housing market remains considerably weaker than a year ago.The Commerce Department's monthly report is scheduled to be released at 10 a.m.New home sales are expected to rise to a seasonally adjusted annual rate of 890,000 units, according to a median estimate of economists surveyed by Thomson Financial. That would be 21 percent below year-ago levels, but up 3.7 percent from March.In March, sales of new homes rebounded slightly from a dismal February, when home sales were at the lowest lowest level in nearly seven years.The rate in March was 858,000 units, 2.6 percent above February's rate, but a decline of more than 20 percent from the same month last year.The housing industry continues to go through a painful adjustment after an extended boom period.The national median existing single-family home price in the first quarter was $212,300, down 1.8 percent from a year ago when the median price was $216,100, the National Association of Realtors said last week. The year-over-year decline in median prices, however, slowed from 2.7 percent in the fourth quarter of 2006.The median is a typical market price where half the homes sold for more and half the homes sold for less.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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AFX TOP STORIES Macroeconomics 15:30 BST 