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Financial News: U.S. New Home Sales Unexpectedly Jump 5.8% In

U.S. New Home Sales Unexpectedly Jump 5.8% In March

04/25/2017 - 10:23:00 (RTTNews)

(RTTNews) - New home sales in the U.S. saw a substantial increase in the month of March, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said new home sales jumped by 5.8 percent to an annual rate of 621,000 in March from a revised 587,000 in February.

Economists had expected new home sales to drop to a rate of 585,000 from the 592,000 originally reported for the previous month.

With the unexpected increase, new home sales climbed to their highest annual rate since reaching 622,000 last July.

The unexpected spike in new home sales reflected strength in the Northeast and West, where sales surged up by 25.8 percent and 16.7 percent, respectively.

New home sales in the South also rose by 1.6 percent during the month, while new home sales in the Midwest fell by 4.5 percent.

The report also said the median sales price of new houses sold in March was $315,100, up 7.5 percent from $293,100 in February and up 1.2 percent from $311,400 a year ago.

The Commerce Department said the seasonally-adjusted estimate of new houses for sale at the end of March was 268,000, representing a supply of 5.2 months at the current sales rate.

Last Friday, the National Association of Realtors released a report showing that existing home sales rebounded to their highest level in ten years in March.

The report said existing home sales jumped 4.4 percent to an annual rate of 5.71 million in March after slumping by 3.9 percent to a downwardly revised 5.47 million February.

Economists had expected existing home sales to climb by 2.2 percent to a rate of 5.60 million from the 5.48 million originally reported for the previous month.

With the much bigger than expected increase, existing home sales surged up to their highest level since reaching 5.79 million in February of 2007.

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