MNI DATA ANALYSIS: US Mar Home Sales Jump 4.0% To 694k SAAR>

--Mar Months' Supply Down To 5.2 Months vs 5.4 In Feb  

--Mar Median Sales Price +3.5% To $337,200

By Sara Haire and Holly Stokes

     WASHINGTON (MNI) - New single-family home sales pace saw a 

significant rise in the month, increasing by 4.0% to 694,000, a 

deceptively strong number considering the large upward revisions to 

February and January, data released by the Commerce Department Tuesday 

showed. 

     New home sales pace came in a lot stronger than the 630,000 

expected, based on an MNI survey of economists. This surprise should 

bolster the notion of continued growth in the economy.  

     The supply of new homes for sale was flat in the month, remaining 

at 301,000 in March. 

     Based on the movements in sales and supply in March, the months' 

supply fell by 3.7% to 5.2 months, down slightly from February's steep 

revision down to 5.4 months (from 5.9 months reported previously). 

Despite the decline, this is still higher than the 5.0 months supply a 

year ago. 

--MEDIAN SALES PRICE INCREASE

     Due to the supply of new homes remaining at 301,000 and the sales 

pace rising significantly, the median sales price rose 3.5% to $337,200. 

This is well above the $321,700 in March 2017 and the entire average for 

2017 of $323,100. The average sales price saw a miniscule decline of 

0.2% to $369,900. 

     When broken down regionally, sales were largely varied. The small 

Northeast region saw a sharp 54.8% decline, while the larger West region 

rose 28.3% in the month. The large South region only mildly increased by 

0.8% and the Midwest declined by 2.4%. 

     New homes sales in February saw a sharp upward revision to a 

667,000 rate from the 618,000 rate previously reported. January sales 

also saw a significant upward revision to a 644,000 rate from the 

622,000 pace previously reported. December, however, saw a downward 

revision to 644k from the 653k seen previously.  

             ** MNI Washington Bureau (202) 371-2121 ** 

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]