The U.S. Census Bureau and U.S. Department of Housing and Urban Development recorded new home sales growth of 4% in March from February to a seasonally adjusted annual rate of 694,000. NAHB’s Eye on Housing reports:
Year-to-date, covering the first quarter of 2018, the total number of new homes sold is 10.3 percent ahead of its pace over the first three quarters of 2017. The increase in new home sales over the month also reflects a 7.9 percent upward revision in sales over February from an initial estimate of 618,000, illustrating the volatility in the data and subsequent revisions.
This upward growth masks clear variation between U.S. regions, however. New home sales fell by 54.8% in the notoriously volatile Northeast region, which suffered from relentless Nor'Easters in March, and 2.4% in the Midwest. In contrast, sales rose by 28.3% in the West and 0.8% in the South, coinciding with recent data indicating population, employment, and single-family construction growth in these regions.
Here's CNBC on the new home sales report:Read More