New home sales report shows promise

Bloomberg reports new home sales in the U.S., which account for 10 percent of the residential market, reached a seven-month high in February.

Commerce Department data showed sales rose 6.1 percent to a 592,000 annualized pace, adding that single-family home purchases are also proving to be on an upward, positive trend.

Home purchases increased in the West and South, according to the report, and saw a 30.9 percent jump in the Midwest making it the strongest pace since November of 2007. The report indicated warm weather could be a contributing factor to the sales boom in the Midwest.

According to Bloomberg, there were 266,000 new houses on the market at the end of February, with the average sales price being $296,200.

As for home resales, Bloomberg reports sales dropped 3.7 percent to a 5.48 million annual rate.

H/T: Bloomberg

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