NEW HOME SALES REMAIN STRONG

NEW HOME SALES REMAIN STRONG

March new home sales climbed 4.2% to a 1.02 million annualized pace, the strongest month on record. To put that into context, 900,000 is taken as a strong market. Sales rose significantly in every region except the West. The Northeast and Midwest experienced the highest growth rates. New home inventories fell to 3.6 months.

Analysts don`t expect the market to be able to sustain this pace, which has been buoyed by low mortgage rates. However, as long as it doesn`t crash this summer, the strong housing market may go far towards avoiding a recession.

This also indicates that consumers may be doing one thing and saying another. Consumer confidence fell substantially in the latest poll, released this week. The results are based on polling that took place prior to the most recent rate cuts, however.

The economic news continues to be mixed, suggesting neither imminent recession nor resurgent growth. For the grounds care industry, rising new home sales is good news, however.

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