U.S. New Home Sales Increase Sharply In March, Exceed Estimates
(RTTNews) - New home sales in the U.S. saw a substantial increase in the month of March, according to a report released by the Commerce Department on Tuesday.
The report said new home sales spiked by 7.4 percent to an annual rate of 682,000 in March after soaring by 8.9 percent to an annual rate of 635,000 in February. Economists had expected new home sales to come in at an annual rate of 668,000.
The sharp increase in new home sales partly reflected strength in the Northeast, where new home sales skyrocketed by 80.0 percent to an annual rate of 27,000.
New home sales in the South also shot up by 11.1 percent to an annual rate of 441,000, while new home sales in the West tumbled by 3.5 percent to an annual rate of 138,000 and new home sales in the Midwest plunged by 5.0 percent to an annual rate of 76,000.
The Commerce Department also said the estimate of new houses for sale at the end of March was 481,000, down 0.4 percent from 483,000 in February and down 4.6 percent from 504,000 a year ago.
The estimate of new houses for sale represents 8.5 months of supply at the current sales rate, down from 9.1 months in February and 9.2 months in March 2025.
The report also said the median sales price of new houses sold in March was $387,400, 5.3 percent below $409,000 in February and 6.2 percent below $412,900 a year ago.
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