Unexpectedly strong new and existing home sales surprise experts
WASHINGTON –- Spurred by lower mortgage rates, sales of new U.S. homes rocketed to a record rate and existing U.S. homes rose to their second-highest rate on record in March, according to separate reports released by the U.S. Commerce Department and National Association of Realtors (NAR).
According to the Commerce Department, the number of new single-family homes sold in March rose 4.2% to an annual rate of 1.021 million units, up from a revised rate of 980,000 in February, suggesting the housing market is holding up well despite the overall U.S. economic slowdown.