By Ed Frankl


Sales of new single-family homes in the U.S. climbed in March, despite high mortgage rates and signs elsewhere of a difficult environment for the real-estate sector. Here are the main takeaways from the Commerce Department report released Tuesday:

--New home sales rose 8.8% compared with February, reaching a seasonally adjusted rate of 693,0000. The level for February was revised significantly down to 637,000 from 662,000.

--Sales had been expected to increase to 669,000, according to a poll of economists compiled by The Wall Street Journal.

--Monthly new home sales data are volatile and often revised. Data for March came with a margin of error of 17.2%.

--The sales were 8.3% higher than March 2023, adjusted for seasonal shifts.

--The estimate of new houses for sale was 477,000 representing a supply of 8.3 months at the current sales rate.

--The new data come after existing home sales slumped 4.3% on month in March--the largest drop in more than a year--as mortgage rates went higher than 7%, in data published by the National Association of Realtors. Housing starts also declined in March, the Commerce Department said.


Write to Ed Frankl at edward.frankl@wsj.com


(END) Dow Jones Newswires

04-23-24 1025ET