Sales of new U.S. homes jumped 4 percent in March, propelled by a surge of buying in the West.
The Commerce Department says sales last month were at a seasonally adjusted annual rate of 694,000. The two prior months had their sales revised upward with the annual rate being 667,000 in February and 644,000 in January. For the first three months of the year, sales are running 10.3 per cent higher than a year ago.
The March increase was driven almost entirely by a 28.3 per cent leap in sales in the West. New-home purchases rose slightly in the South, fell in the Midwest and plunged in the Northeast.
The median sales price of a new home rose 4.8 per cent from a year ago to $337,200.
