April 25, 2018
The Commerce Department reported new home sales shot up 4% last month, in part driven by a substantial surge of West Coast home buyers. The seasonally-adjusted annual rate hit 694,000 in March.
Sales were also adjusted to higher figures for both January (644,000) and February (667,000). Those revised numbers translate into Q1 2018 sales that are 10.3% higher than a year ago.
The improved economic outlook was credited for driving the sales of new homes, and those gains have not been slowed by rising 30-year mortgage rates, which have reached the highest point they’ve been since early 2014.
Sales jumped 28.3% in the West for March, and were slightly up in the South. New home sales fell in the Midwest and plunged in the Northeast.
The National Association of Realtors also reported listings for existing homes dropped to the lowest levels on record for March.
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