WASHINGTON: Sales of new homes in the United States forged higher for the third straight month in March, hitting the fastest pace since July, the Commerce Department reported on Tuesday.

The acceleration came as the volume of new houses for sale reached its highest level in nearly eight years, pointing to homebuilders’ efforts to meet consistently strong demand in a tight market.

Housing analysts say the recovery has produced an exceptionally tight market, with supply failing to keep pace with a rebound in demand driven by steady job creation and rising wages.

American homebuyers snatched up newly built single-family homes in March at an annual rate of 621,000, seasonally adjusted, the highest in eight months and a sharp 5.8 per cent above February’s already-strong result, according to the report.

Published in Dawn, April 26th, 2017