US new-home sales climbed 4.5% in March

Get the weekly rundown
Sign up to receive our weekly BizBuzz newsletter

WASHINGTON (AP) — Sales of new U.S. homes increased 4.5% in March, the third straight monthly gain as the housing market appears to be cautiously recovering from a mortgage rate spike last year that caused homebuying to slump. 

The Commerce Department says that new homes sold at a seasonally adjusted annual rate of 692,000 in March, up from 662,000 in February. For the first three months of 2019, new-home sales are 1.7% higher than the same period a year ago.

March's sales pace was the strongest since November 2017, a sign that the market is building some momentum. New-home sales began to rebound after the average 30-year mortgage rate fell from its recent peak of 5% in November 2018.

The median sales price of a new home in February tumbled 9.7% to $302,700.

READER COMMENTS

Loading comments...
Hide Comments

Stories that may interest you

MGM discontinues talks with Wynn on Encore Boston purchase

MGM Resorts International says it will no longer pursue buying Encore Boston Harbor from Wynn Resorts


New development commissioner visits Norwich, New London, Groton

David Lehman visited mills in Norwich, the local council of governments, the Naval Submarine Base and more.


TRENDING

PODCASTS