An easing in mortgage rates is likely helping the housing market find some footing.
Purchases of new single-family homes increased 9.6% to an annualized 683,000 pace last month from a downwardly revised 623,000 rate in February, government data showed Tuesday. The sales rate exceeded all but one estimate in a Bloomberg survey that had a median projection of 632,000.With many homeowners hesitant to list their homes in the current rate environment, prospective buyers have increasingly turned to the new-home market.
Mortgage rates also pulled back some in March, driving a pickup in mortgage applications for home purchases.Fannie’s secret ‘blacklist’ wreaks havoc for condo buyers and sellers There were 432,000 new homes for sale as of the end of last month, slightly lower than February and the fewest in nearly a year. That represents 7.6 months of supply at the current sales rate. The number of homes sold in March and awaiting the start of construction — a measure of backlogs — jumped to 168,000 last month, the highest in more than a year.
Earlier this month, Robert Dietz, chief economist at the National Association of Home Builders, said new construction now makes up a third of housing inventory, roughly three times the historical norm. Builder optimism has now also improved for four-straight months, after declining for a year. The report, produced by the Census Bureau and the Department of Housing and Urban Development, showed the median sales price of a new home rose 3.2% from a year earlier to $449,800.
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