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U.S. new home sales surprise with a jump in March, gold price trades below $2,000

Kitco Media
By Anna Golubova
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(Kitco News) Gold continued to trade just below the $2,000 level as the U.S. new home sales surprised on the upside in March, rising more than expected. However, the prior month’s advance was revised to a drop.

New home sales rose 9.6% last month and were at a seasonally adjusted annualized rate of 683,000 homes, the U.S. Commerce Department said on Tuesday. February’s sales were revised down to a rate of 623,000 units. Market consensus calls expected for sales to decline to 630,000 units in March.

On an annual basis, new home sales were down 3.4% from last year’s March estimate of 707,000 units.

Looking at home prices, the median sales price for homes sold last month was $449,800, and the average price was $562,400. As of the end of March, the inventory of houses for sale was at 432,000, representing a 7.6-month supply at the current sales rate.

Gold was largely unchanged, with June Comex gold futures last at $1,995.70, down 0.21% on the day.

Live 24 hours gold chart [Kitco Inc.]

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Anna Golubova

Anna Golubova is the Producer for Kitco News. With more than ten years of experience in media, she has covered a range of topics, focusing on economy and politics. Anna began to exclusively cover economic news in 2013, attending media lockups at the Bank of Canada and Statistics Canada to report on a range of key macro economic events, including interest rate announcements, GDP, unemployment, and retail. She holds a Master of Arts in International Relations from NPSIA, Carleton and a Bachelor's degree in Political Science and History from the University of Ottawa.

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