US home sales climb at fastest pace in 10 months
The Economic Times, March 26, 2009, Page 9
Reuters WASHINGTON
SALES of newly built US singlefamily homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday. The commerce department said sales rose 4.7% to a 337,000 annual pace, the fastest increase since April last year, from an upwardly revised 322,000 in January. Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.
The median sales price in February fell a record 18.1% to $200,900 from a year earlier, the department said. The median marks the halfway point, with half of all houses sold above that level and half below. The inventory of homes available for sale in February was at 330,000, the smallest since June 2002. The February sales pace left the supply of homes available for sale at 12.2 month's worth.
Durable goods orders rise in Feb
ORDERS to US factories for big-ticket manufactured goods unexpectedly rose in February after a record six straight declines. The Commerce Department said on Wednesday that orders for durable goods — manufactured products expected to last at least three years — increased 3.4% last month. It was the first advance since July and the strongest one-month gain in 14 months. Last month's strength was led by a surge in orders for military aircraft and parts, which shot up 32.4%. Demand for machinery, computers and fabricated metal products also rose. Still, the rebound may be temporary given all the problems facing the economy. — AP/Washington
The Economic Times, March 26, 2009, Page 9
Reuters WASHINGTON
SALES of newly built US singlefamily homes unexpectedly rose at their fastest pace in 10 months in February, while prices fell by a record margin from a year ago, a government report showed on Wednesday. The commerce department said sales rose 4.7% to a 337,000 annual pace, the fastest increase since April last year, from an upwardly revised 322,000 in January. Despite the increase, February sales were the second lowest ever after the drop in January to the slowest pace in records going back to 1963, the department said.
The median sales price in February fell a record 18.1% to $200,900 from a year earlier, the department said. The median marks the halfway point, with half of all houses sold above that level and half below. The inventory of homes available for sale in February was at 330,000, the smallest since June 2002. The February sales pace left the supply of homes available for sale at 12.2 month's worth.
Durable goods orders rise in Feb
ORDERS to US factories for big-ticket manufactured goods unexpectedly rose in February after a record six straight declines. The Commerce Department said on Wednesday that orders for durable goods — manufactured products expected to last at least three years — increased 3.4% last month. It was the first advance since July and the strongest one-month gain in 14 months. Last month's strength was led by a surge in orders for military aircraft and parts, which shot up 32.4%. Demand for machinery, computers and fabricated metal products also rose. Still, the rebound may be temporary given all the problems facing the economy. — AP/Washington
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