Sales of newly built, single-family homes in March were at a seasonally adjusted annual rate of 621,000 units, a 5.8 percent increase compared with a rate of 587,000 in February and a 15.6 percent increase compared with a rate of 537,000 in March 2016, according to the U.S. Census Bureau.
"The March sales numbers are the second highest on record since the Great Recession, which is especially encouraging considering the poor weather conditions throughout many parts of the country," said NAHB Chief Economist Robert Dietz in a statement. "With tight existing home inventory, rising household formations and continued job creation, we can expect further growth in new home sales moving forward."
New home sales increased 25.8 percent in the Northeast to a seasonally adjusted annual rate of 39,000, 16.7 percent in the West to a rate of 175,000, and 1.6 percent in the South to 323,000. Sales dropped 4.5 percent to 84,000 in the Midwest.
