New home sales unfazed by spring snow and rising rates

Mortgage News Daily

New home sales continue to improve after grim reports in December and January. New home sales posted a solid gain in March, and revisions to the February data also resulted in a positive outcome during the month. Those sales, reported by the U.S. Census Bureau and the Department of Housing and Urban Development on Tuesday, bested analysts’ expectations and put sales well ahead of those in 2017.

Sales of newly constructed single-family homes were at a seasonally adjusted annual rate of 694,000 in March compared to the revised rate of 667,000 in February, a 4.0 percent increase.  Even better, the revision to February numbers was significant, up from the original report of 618,000, originally reported as a 0.6 percent month-over-month loss. That number had been viewed as good news, after drops of 7.8 percent and 9.3 percent in December and January respectively. The February revision and the strong March report have now pushed the year-over-year increase up 8.8 percent when compared to March 2017.

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