Intermoney | New home sales rebounded in March to 693,000, well above the 668,000 expected, but coming on the back of a downward revision of February sales by -25,000 (662,000). The point is that an acceleration was seen in quarterly terms with a March average of 667,000.
For the moment, the housing sector looks set to remain a headache for the Federal Reserve. It is true that the supply of new homes for purchase rose to 477,000 in the month, the highest since 2008 and of these, the number of housing completions jumped to the highest level since 2021. However, we are still not very clear on house prices which rose on average by 6.0% although compared to the 2023 figures there was a fall of 1.9%.
