U.S. New Home Sales Hit 693K in March, Highest Pace Since 2008

Apr 25, 2024, 02:20 PM

In March, new home sales in the U.S. saw a significant increase, rising by nearly 9% to reach 693,000 units, marking the fastest pace in six months. This surge brought the sales to a six-month high and was notable despite higher mortgage rates. The Commerce Department highlighted that this was the highest level of sales since last fall. Additionally, the supply of new single-family homes also rose to 477,000 units, the highest since 2008, while the monthly supply slightly declined but remained elevated. Sales have been growing from 2022 lows, and the year-over-year change in sales accelerated, indicating a robust housing market. Concurrently, pending sales of existing homes reached their highest levels in a year.