New-home sales ran at a 694,000 seasonally adjusted annual rate in February, the Commerce Department said Tuesday.
Sales of newly-constructed homes surged, and earlier estimates were revised up, painting a rosier picture of the housing market than many economists had expected. The 694,000 rate in March was 4% above upwardly-revised February figures, and the highest pace since November. It was 8.8% higher than a year ago.
The March report trounced the MarketWatch consensus forecast, for a 630,000 annual pace.
At the current pace of sales, it would take 5.2 months to exhaust available supply, a bit leaner than historical averages, but still healthy.
The median sales price in March was 4.8% higher compared to a year ago.
Source : Market Watch