Home Sales, U.s. Economy | featured news

Sales of new single-family homes rose in March, indicating the housing market recovery remains on track.

Home resales hit a three-year high in February and prices jumped, adding to signs of an acceleration in the housing market recovery, even though the supply of properties on the market increased.

A measure of Americans who signed contracts to buy homes fell last month after reaching a 2 1/2-year high in November. Sales were held back by a limited supply of available homes. The National Association of Realtors said Monday that its seasonally adjusted index for pending home sales dropped 4.3 percent in December from November to 101.7. That's still 6.9 percent higher than a year ago.

Sales of new U.S. homes cooled off in December compared with November, but sales for the entire year were the best since 2009.

An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years.

New single-family home sales fell slightly in October and the prior month's pace of sales was revised sharply lower, casting a small shadow over what has been one of the brighter spots in the U.S. economy.

The housing rebound stems from more people chasing fewer homes. Interest rates remain near record lows, luring buyers. And investors with cash have poured into the market.

New U.S. single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam.

Contracts to buy previously owned U.S. homes unexpectedly fell in June as fewer properties came on the market, an industry group said on Thursday, pointing to weak home resales in July.