True to tradition, new home sales appear to have moved
higher in March
as the calendar closed in on the start of the spring market. The Mortgage Bankers
Association (MBA) estimates sales of newly constructed homes increased by 7
percent compared to February and are 12 percent higher than a year earlier. This
change does not include any adjustment for typical seasonal patterns. Based on the application data, MBA forecasts
that home sales were at a seasonally adjusted annual rate of 714,000 units in
March. This is a decline of 4.5 percent from the February rate of 748,000
units. On an unadjusted basis, the forecast is for 72,000 new home sales in during
the month, an increase of 10.8 percent from 65,000 sales in February. 

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