New Home Sales Beat Expectations

New home sales in the U.S. beat expectations as builders start to see long-awaited encouraging signs about the housing market.

The Department of Commerce reported new home sales fell to an annualized pace of 356k, a 0.6% decrease from February. This would not have been the case had The Commerce Department not revised February’s readings up from 337k sales to 358k. Economists were expecting sales to remain unchanged in the month at 337k.