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April 27, 2004: New Home Sales Hit All-Time Record In March

April 27, 2004
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WASHINGTON - New home sales posted an all-time record in March. The pace of new single-family homes sales increased 8.9 percent over a strong February to a seasonally adjusted annual rate of 1.228 million, the U.S. Department of Commerce reported. This was a 21.8 percent increase over the March 2003 pace.

"Home sales were very robust as builders entered their peak selling season," said Bobby Rayburn, president of the National Association of Home Builders (NAHB). "Builders are working hard to keep up with a very strong demand."

Three regions registered sales increases for the month. The South posted the largest increase with a 19.3 percent gain. The Midwest posted a 5.0 percent gain and the West registered a 5.1 percent sales increase. Sales in the Northeast declined 24.3 percent for the month, but sales for the first quarter of the year - an increase of 28.7 percent over the first quarter of 2003 - were the highest percentage change of all four regions.

Publication date: 04/26/2004

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