Newly built single-family home sales increased 4 percent in March to a seasonally adjusted annual rate of 694,000 units, according to the U.S. Census Bureau.
The jump in sales is the second highest reading since the Great Recession, according to the National Association of Home Builders.
“As consumer confidence grows and more prospective buyers enter the housing market, the sales numbers should continue to make gains,” NAHB Chairman Randy Noel said in a statement.
Sales of new homes in the West increased 28.3 percent, and sales in the South increased 0.8 percent. The Midwest saw a sales decline of 2.4 percent, and sales dropped 54.8 percent in the Northeast.
The median sales price of new homes in March registered at $337,200, while the average sale price was $369,900.
The estimated inventory of new homes for sale at the end of March was 301,000, which amounts to a supply of 5.2 months based on the current rate of sales.
