New Home Sales Rise to Record Level

he number of new home sales exceeded expectations, rising 12.2% to a record high annual rate of 1.431 million, the Commerce Department reported Tuesday.

Analysts had forecast new home sales to decline from February’s 1.226 annual pace, Bloomberg reported. One analyst said the housing sector continues to be a big boost to the economy.

Sales rose in three of four geographic regions, falling only in the Northeast, Commerce said. The Midwest rose the most, by 21.9%.

Sales of existing home sales rose 1% in March, according to a report by the National Association of Realtors released Monday.