Sales of new U.S. single-family homes jumped to a near 1½-year high in March, boosted by lower mortgage rates and house prices.
The Commerce Department said on Tuesday new home sales increased 4.5 percent to a seasonally adjusted annual rate of 692,000 units last month, the highest level since November 2017.
Economists polled by Reuters had forecast new home sales, which account for about 11.7 percent of housing market sales, decreasing 2.5 percent to a pace of 650,000 units in March. New home sales have not been severely impacted by the supply problems that have plagued the market for previously owned homes. A report on Monday showed home resales tumbled in March, weighed down by a persistent shortage of lower-priced houses.
In addition, house price inflation has slowed and wage growth has picked up. Still, land and labor shortages are constraining builders' ability to break more ground on lower- priced housing projects. Investment in homebuilding contracted 0.3 percent in 2018, the biggest drop since 2010.
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