New Home Sales rose 1.5% this morning to 417,000 at an annual rate. This news is decidedly bullish for housing in general as home sale volumes continue to rise in tandem with home prices. Currently, new homes account for 7.8% of all sales and we expect growth to continue as inventory levels rise. The median price of new homes sold in March rose 5.3% vs the prior year, down slightly from the prior month's 5.6% year-over-year increase.
