The Commerce Department said on Tuesday new home sales increased 4.5 percent to a seasonally adjusted annual rate of 692,000 units last month, the highest level since November 2017.It was the third straight monthly increase in new home sales. February's sales pace was revised down to 662,000 units from the previously reported 667,000 units.
New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They increased 3.0 percent from a year ago. The median new house price dropped 9.7 percent to US$302,700 in March from a year ago, the lowest level since February 2017. In addition, house price inflation has slowed and wage growth has picked up. Still, land and labor shortages are constraining builders' ability to break more ground on lower- priced housing projects. Investment in homebuilding contracted 0.3 percent in 2018, the biggest drop since 2010.
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