Econ Edge: The Economic Week



April 25, 2005 — -- The National Association of Realtors reported a surprisingly strong March for sales of pre-owned homes. The report shows that existing homes sold at an annual rate of 6.89M units during March; up from February's pace of 6.82 million. Most analysts expected a slowdown in the sales pace to 6.79 million units.

Sales of new homes shot up 12.2 percent in March to a record high as the nation's housing market continued to soar despite rising mortgage rates, the Commerce Department said. New single-family homes were sold at a seasonally adjusted annual rate of 1.43 million units in March, confounding the consensus forecast of a small decline in sales in March, a month when mortgage rates had been inching higher.

Some information compiled from wire services.

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