March New Home Sales Decline
mandy • April 25, 2016
A sharp decline in the West sent New Home Sales lower by 1.5 percent in March. Across the country, sales in the East were unchanged while sales rose in the Midwest and South. The Commerce Department reported that March New Home sales fell from February to an annual rate of 511,000, below the 521,000 expected. Sales were up 5.4 percent, however, from March 2015 to March 2016.
The New Home Sales report shows the number of newly constructed homes with a committed sale during the month.
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Home price gains continued in February, though moderation has been seen in some regions.
CoreLogic reports that home prices, including distressed sales, rose by 6.8 percent from February 2015 to February 2016.
Inflation pressures remained tepid in February as measured by the Core Personal Consumption Expenditures (PCE).
