By Xavier Fontdegloria

 

Purchases of new single-family houses in the U.S. bounced back in March, more than reversing the fall registered in the previous month. Here are the main takeaways from the Commerce Department's report released Friday:

--New home sales increased 20.7% in March compared with February to a seasonally adjusted annual rate of 1,021,000.

--The reading is well above economists expectations polled by The Wall Street Journal, who expected a 14.6% rise to a seasonally adjusted annual rate of 888,000.

--March sales were 66.8% above the same month a year earlier.

--February new home sales were upwardly revised to 846,000 from an earlier estimate of 775,000.

--Monthly new residential sales data is volatile and often revised. March figures came with a margin of error of 23.7 percentage points.

--The median price of a new home was $330,800, up from $328,200 the same month a year earlier but down from $345,900 in February.

--The seasonally adjusted estimate of new houses for sale at the end of March was 307,000. This represents a supply of 3.6 months at the current sales rate.

 

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

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(END) Dow Jones Newswires

April 23, 2021 10:28 ET (14:28 GMT)

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