BusinessMay 10, 1999
BUSINESS MEMO: NEW-HOME SALES UP
Sales of new homes rose 2.1 percent in March, the first increase in four months. The Commerce Department said that new home sales rose in March to an annual rate of 909,000 sales, with the strength coming from a 24 percent surge in sales in the West, where sales experienced a 24 percent jump, the largest one-month gain for that region since March of 1995.Analysts said continued low mortgage rates and strong consumer demand fueled by the low unemployment levels were keeping new home sales near the record level hit last November.. ...
Sales of new homes rose 2.1 percent in March, the first increase in four months.
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The Commerce Department said that new home sales rose in March to an annual rate of 909,000 sales, with the strength coming from a 24 percent surge in sales in the West, where sales experienced a 24 percent jump, the largest one-month gain for that region since March of 1995.Analysts said continued low mortgage rates and strong consumer demand fueled by the low unemployment levels were keeping new home sales near the record level hit last November.
The March increase was surprise to economists, who had expected a slight downturn. It was the first advance in new-home sales since November of 1998.
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