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Economic Report: New-home sales roar to an 8-month high as spring selling season starts with a bang

Sales of newly-constructed homes throttled to the highest in nearly a year in March as the housing recovery picked up steam.

New-home sales ran at a seasonally-adjusted annual rate of 621,000, the Commerce Department said Tuesday. That was 5.8% higher than a downwardly-adjusted February sales pace, and 15.6% higher than a year ago.

The March reading was the second-strongest since early 2008, just behind the 622,000 pace of sales notched last July. It easily beat the median forecast of a 580,000 rate from economists surveyed by MarketWatch.

The government’s new-home data are often heavily revised, and there were a net 43,000 additional homes reported sold in prior months in March.

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