US sales of new homes shot up in March to the fastest pace in 8 months, the Commerce Department said April 27.
Meanwhile according to the National Association of Realtors Friday, US pending home sales in March 2017 maintained their recent high level, but momentum slackened slightly in most of the country as dearth supply weighed on activity.
Home Sales, US
The US Commerce Department said this past week that new-home sales rose 5.8 per cent last month to a seasonally adjusted annual rate of 621,000, the highest rate since July last year. Sales are running 12 percent higher during the first three months of this year than during the same period in 2016.
Homebuilding helps to feed growth across the economy. Housing starts and new-home sales are climbing amid a shortage of existing homes on the market, generating gains in construction jobs and sales of building materials.
The median sales price has in- creased just 1.2 per cent over the past year to US$311,400 in March.