Thursday, April 4, 2013

Why new home sales rally while existing home sales lag behind

Sales are picking up for both new and existing homes, but there is an anomaly: New homes, which are more expensive, are moving faster than less-expensive existing homes.

Recent national statistics show the trend.

First, new home sales: The U.S. Census Bureau and the U.S. Department of Housing and Urban Development report that the sales of new single-family houses in January were 28.9 percent higher than they were a year ago.

Existing home sales are also up: The National Association of Realtors reported that existing home sales in January (including single-family homes, townhomes, condominiums and co-ops) were 9.1 percent higher than a year ago and 10.2 percent higher in February compared to last year. Deseret News

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