Indicators
US New-Home Sales Unexpectedly Increase to a One-Year High
- Purchases rose 9.6% to an annualized rate of 683,000 in March
- Homes sold and awaiting construction highest in over a year
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US new-home sales unexpectedly increased in March to the highest level in a year, suggesting an easing in mortgage rates is helping the housing market find some footing.
Purchases of new single-family homes increased 9.6% to an annualized 683,000 pace last month from a downwardly revised 623,000 rate in February, government data showed Tuesday. The sales rate exceeded all but one estimate in a Bloomberg survey that had a median projection of 632,000.