New home sales increased slightly to an annual pace of 417,000 units in March, a 1.5% improvement from the previous month. New home sales have now improved 19% from year-ago levels, signaling a rebounding housing market.
The supply of new homes on the market remains extremely low at 4.4 months.
Improving sales and tight supplies are combining to push up house prices, which have risen 3.0% above year ago levels to $247,000.
Read the Census report.