New home sales in the U.S. rose to their highest level in a year in March, with purchases of new single-family homes increasing by nearly 10% last month.
The news, which could suggest the national housing market is beginning to stabilize after a recent dip in mortgage rates, was revealed by the Commerce Department on Tuesday with 683,000 new sales last month – up from a revised 623,000 in February.
Those March figures blew away estimates, with economists polled by Reuters having predicted that new home sales would come in at about 630,000 for the month.
Source: mpamag.com