New Homes Sales Up a Stunning 66%

Talking about a recovery.

New home sales are up a stunning 66.8% from last March’s lockdown lows.

For the month of March, home owners experienced an aggressive rebound from the weather-induced 18.2% collapse in February, jumping 20.7% in March.

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Sales rates increased in every part of the country, except the West where they fell 30%.

The largest increase occurred in the South, where sales jumped by 40%.

Census Bureau data released on Friday shows new home sales at a seasonally-adjusted annual rate (SAAR) of 1.021 million in March, which represents the fastest pace for new home sales since 2006.

Additionally, the Census Bureau revised its sales figure for February up to a rate of 846,000 sales, from the originally reported rate of 775,000.

Friday’s figures show that the number of new home sales in March at a seasonally adjusted rate has finally reached the pre-2008 housing bubble levels. Housing prices had already overtaken pre-bubble levels already in 2013.

Analysts believe the sales rebound may be high primarily due to the dramatic drop in February, due to a catastrophic winter storm. As such, the drop in sales in the West might reflect that fact, as the West was left largely unscathed during the winter storm.

On the other hand, mortgage applications have dropped each month since January, and some economists have forecasted that the data will eventually reflect a cooling trend in the housing market.

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