According to the National Association of Realtors, existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7% to a seasonally adjusted annual rate of 5.10 million units in March 2011 from an upwardly revised 4.92 million units in February. Although good news, the numbers are still 6.3% below the 5.44 million unit pace in March 2010.
According to the US Census Bureau and US Department of Housing and Urban Development, sales of new single-family houses in March 2011 were at a seasonally adjusted annual rate of 300,000, up 11.1% above the revised February rate of 270,000, but 21.9% below the March 2010 estimate of 384,000. The median sales price of new houses sold in March 2011 was $213,800, and the average sales price was $246,800. The seasonally adjusted estimate of new houses for sale at the end of March was 183,000, representing a supply of 7.3 months at the current sales rate.