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New-home sales improve in March

04.24.2013

Home sales improved in March.

The rate of new-home sales continued to pick up steam in March, while prices also showed positive signs during the month.

Sales in March for newly built single-family properties improved to a rate of 417,000 units, a report from the Department of Commerce explained. This was 1.5 percent higher than the previous month's figure of 411,000, as well as nearly 19 percent improved from the same month in 2012, which was a rate of 352,000.

"There is momentum in the housing market, in that inventories are lean, prices are picking up, and people are trying to buy, which is fueling the recovery," Daniel Silver, an economist at JPMorgan Chase & Co, told Bloomberg. "You're seeing spillover in the housing market from broader economic improvement."

The median home price for these properties was $247,000 in March, the report added. There also was a 4.4-month supply of homes on the market, when considering the sales rate during the month.

While home sales improved in March, there was also some price gains the previous month. A report from the Federal Housing Finance Agency showed that home prices rose 0.7 percent in February, while the figure was more than 7 percent higher than the same month in 2012.

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