New Home Sales Rise In March, Back To 1971 Levels

The Census Bureau reported that March new home sales posted at a seasonally adjusted annual rate of 621,000 units. This was up 5.8 percent from revised February numbers and the third consecutive month of sales gains for new homes. Combined with the March rise in existing home sales it would appear the first quarter of 2017 has been net positive for home sales despite the backdrop of higher mortgage rates. Preliminary new home sales for March were up 15.6% year-over-year. The average price of a new home contracted in March was $388,200, while the median [...]