New Home Sales Dip from Strong February Numbers

Posted To: MND NewsWire

March was another disappointing month for new home sales however subsequent revisions continue to positively affect earlier estimates. The Census Bureau and the Department of Housing and Urban Development said today that sales of newly constructed homes in March were at a seasonally adjusted rate of 511,000 during the month, a 1.5 percent decline from sales in February. Sales remained 5.4 percent above the March 2015 estimate of 485,000. The rate was within the range of analysts' projections gathered by Econoday, a spread from 500,000 to 532,000 but below the consensus of 522,000. The year got off to a bad start with a 9 percent drop in new home sales from December to January, to a seasonally adjusted rate of 494,000 units. That January number was revised up in February to 502,000 and has now...(read more)

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