New Single-Family Homes Sales Hit New High

Wednesday, April 28, 2004

Yesterday the Department announced that sales of new single-family homes hit a new monthly record of 1.128 million in March 2004, an increase of 8.9 percent from February and a jump of 21.8 percent from March 2003.

This increase comes on the heels of last week's announcement that the national homeownership rate for the first quarter of 2004 tied the all-time record rate of 68.6 percent.

Secretary Jackson said in a statement that these two records demonstrate that housing continues to lead the way in the nation's rebounding economy.

In addition to these two housing records, last month the Department announced new adjustable rate mortgage products that will make homeownership available to an additional 40,000 families annually. In December, President Bush signed the American Dream Downpayment Act into law, providing down payment and closing costs assistance to 40,000 low-income families a year. And in January, the Department announced an FHA Zero Down Payment Initiative which, with the support of Congress, could generate an additional 150,000 homebuyers in its first year.

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