US new home sales rocket in March

(Sharecast News) - New home sales in the States rocketed last month.
According to the Department of Commerce, in seasonally adjusted terms, new home sales shot higher by 20.7% on the month to reach an annualised pace of 1.021m.

Economists had penciled-in an increase to 868,000.

A preliminary estimate for February meanwhile was revised up from 775,000 to 846,000.

Versus a year ago, growth in new home sales was running at up by 66.8%, with sales in the Northeast having risen by 108.7%.

The median sales price for a new house did however fall from $345,900 to $330,000, although the average price increased from $394,300 to $397,800.

The inventory of new homes available for sale declined as well, from the equivalent of 4.4 months' worth to 3.6 months.