New-home sales unexpectedly jump to highest level since 2007

WASHINGTON (AP) – Sales of new U.S. homes jumped last month to the highest level since October 2007, a sign that Americans – unable to find existing homes – are turning to new construction.

The South accounted for the bulk of sales, and saw an increase of 3.6% in March, the highest level since July 2007. midwestern sales saw a major 17.6% increase, and sales in the West climbed 6.7%. The Northeast, on the other hand, reported a significant drop of -22.2% in new home sales.

New-home sales unexpectedly jump to highest level since 2007. Single-family home sales rose 18.9% month-to-month to a 667,000 annualized pace (the estimate was 554,000), the strongest since October 2007. Purchases in the South surged 25.8% month-to-month to a 405,000 rate, the fastest since July 2007.

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Sales of new U.S. single-family homes jumped to a near 1-year high. increased 3.6 percent in March to their highest level since July 2007.

U.S. New Home Sales Unexpectedly Jump To Ten-Year High In October. With the unexpected increase, new home sales reached their highest annual rate since hitting 727,000 in October of 2007. The unexpected jump in new home sales was partly due to strength in the Northeast, where new home sales spiked by 30.2 percent to a rate of 56,000.

Purchases of new single-family homes jumped 12.4% in July. Purchases of new single-family homes rose 12.4% in July from a month earlier to a seasonally adjusted annual rate of 654,000, the Commerce Department said Tuesday. That was the highest level since October 2007.

New home sales unexpectedly jumped in March, according to the Department of Commerce. Sales of new single-family houses rose 5.8% at a seasonally adjusted annual rate of 621,000, the highest since last August. Economists had forecast that new home sales fell by 1.4% at a seasonally adjusted annual rate of 584,000, according to Bloomberg.

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WASHINGTON-Sales of previously owned homes rose unexpectedly in August to the highest level since 2007 as buyers rushed to lock in deals before mortgage rates increased further. But the industry’s trade group warned that home sales could slow in the coming months due to higher borrowing costs and prices.