March New Home Sales up 29.3%
In Maryland, March 2010 new home sales were up 29.3% above the previous year. The Maryland Association of Realtors reported 4,330 units sold in March and 7,707 pending sale or under contract. The average sales price, however, decreased by 8.3%, from $298,843 in 2009 to $274,142 in March 2010. Increasing sales are being driven by a government tax credit and an influx of foreclosed homes. The National Association of Realtors said the news may signal a surge of home sales that could stabilize home values.
The U.S. Census Bureau announced new residential construction statistics for the country in March 2010: Privately-owned housing starts in March were 626,000, or 1.6% above the February estimate of 616,000 and 20.2% above the March 2009 rate of 521,000. Building permits for privately-owned housing units were at a seasonally adjusted annual rate of 685,000 in March. This is 7.5% above the revised February rate of 637,000 and 34.1% above the March 2009 estimate of 511,000.
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