According to the good folks at the Commerce Department (via MSNBC, the Washington Post, and others), new-home sales jumped a whopping 27 percent over February. A jump from February to March is expected, but a jump this big? Not so much.
Sales of new homes surged 27 percent last month, bouncing off the previous month’s record low and blowing past expectations as better weather and government incentives boosted sales.
The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years.