Sales of new single -family homes increased in March, exceeding all economists forecasts and add to a series of rising surprises in recent economic data.
New housing sales increased 7.4 percent to a seasonally adjusted annual rate of 724000, according to the United States Census Office and the Department of Housing and Urban Development. This figure not only exceeded the consensus estimate of 682,000, but also exceeded the entire range of forecasts of economists, which extended from 650,000 to 700,000. The February sales figure was also checked slightly higher, from 676000 to 674000.
The jump in sales, largely driven by the activity in the south, occurs despite the growing conerns on economic growth, high mortgage rates and consumer sliding feeling. It adds to a growing list of hard indicators, which include solid employment and a solid consumption expense, points to the resilience of in the economy of the United States.
The average sale price of the new homes fell to $ 403,600, 7.5 percent less than the previous year, which reflects a greater offer at lower price prices. This will be a relief for the political leaders of the Trump administration, who have legs working on the plans to make the houses more affordable, as special for young families that constitute most housing buyers for the first time.
The average sale price was $ 497,700. The inventory obtained up to 503,000 homes for sale, the highest since 2007, which represents 8.3 months of supply to the current sales rhythm.
The data suggest a continuous force in the demand for housing that enters the spring sales season, challenging the expectations that the strictest credit conditions and the highest interest rates would mean a significant humidity activity.
The new housing sales data follow a stronger and most expected report chain on works, durable goods and consumer expenses. Tasks together, the indicators suggest that the real economy remains solid equally as financial markets and prognosis models become more cautious.