“After two robust months of new home sales, some readjustment is inevitable,” said David Crowe, chief economist of the NAHB. “This is the best first quarter since 2008, and attractive mortgage rates and pent-up demand should keep the market moving in the right direction.”
Inventory of new homes for sale hit 213,000 in March, a 5.3-month supply at the current sales pace. Regionally, only the Midwest saw new home sales rise, by 5.9 percent. Sales dropped 33.3 percent in the Northeast, 15.8 percent on the South and 3.4 percent in the West. ##
(Photo credit: AP/Paul Sakuma)
