- Adding Beauty to the Fall at Barboursville Park
- UP CLOSE: Preparing to "Jump" and Taking the "Plunge" on Bridge Day Images
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Oct. 23, 2014
- Man Arrested on 8th Avenue for Heroin Delivery
- Detroit Man Arrested for Heroin Distribution
- MILITARY-INDUSTRIAL COMPLEX: Defense Dept. Contracts for Oct. 22, 2014
- West Virginia Film Office iPhone App to Provide On-the-Go Access to Film Industry Resources
- BOOK REVIEW: 'Unveiling the Mind': Poems by Chicago Writer Beatriz Badikian-Gartler Reach Out to Readers
- Huntington Council Set to Approve New Police Chief Monday Night
- At Least 14 File for District Two Seat
U.S.: New Home Sales Fall 14.5% in March
“We keep hearing from our members that tight credit conditions are preventing many first-time buyers and younger families from being able to buy a home,” said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. “Congress must outline a clear policy on housing finance so that qualified buyers can get home loans. Otherwise, this continued uncertainty could threaten the housing recovery and overall economy.”
“Overly stringent underwriting standards for mortgages have had a detrimental effect on modest-priced markets and have hit first-time home buyers particularly hard,” said NAHB Chief Economist David Crowe. “As a result, most of the sales are coming from a smaller pool of buyers who have a more established credit history, are more likely to finance with higher cash down payments and are purchasing higher-priced homes.”
Regionally, sales in March fell 21.5 percent in the Midwest, 14.4 percent in the South and 16.7 percent in the West. The Northeast was the exception to the rule, with a 12.5 percent increase.
The median sales price of new houses sold in March 2014 was $290,000; the average sales price was $334,200. The seasonally adjusted estimate of new houses for sale at the end of March was 193,000. This represents a supply of six months at the current sales rate.