New home sales reversed direction in March, fully recovering
from the 18.2 percent nosedive those sales took in February. The Census Bureau
said sales of newly constructed homes rose 20.7 percent to a seasonally
adjusted annual rate of 1.021 million units. This is 66.8 percent higher than
the sales 612,000 unit pace in March 2020, although that rate was impacted by
the pandemic shutdowns and was the highest annual sales rate since 2005. February’s loss was also smaller than originally
reported. Those sales were revised from 775,000 to 846,000 units.