1237 ET - New home sales jumped in March despite still-high mortgage rates and the beginning of a decline in consumer confidence stemming from tariff fallout that is slowing the existing home market, says Realtor.com senior economist Joel Berner in a post on Realtor.com's website. Sales of new single-family homes rose 7.4% to 724,000 from 674,000 in February. Sales had been expected to rise to 685,000, according to economists polled by The Wall Street Journal. Berner says the March jump is "a bit surprising, given the doom and gloom statistics currently surrounding most of the housing market," saying new home sales in recent months were driven by less expensive homes. The median sales price fell to $403,600 from $411,500 in February and $436,400 last March. The shares of homes sold for under $300,000 and from $300,000 to $399,999 both increased this month, according to Realtor.com. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 23, 2025 12:37 ET (16:37 GMT)
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