Wed Apr 25, 2007 8:59AM EDT
The pace of U.S. new home sales is expected to have risen slightly in March, reflecting stronger home loan demand and favorable weather, a Reuters poll of economists shows.
New home sales, historically a volatile indicator, are forecast at an annual rate of 888,000 units for March, up from the prior month's 848,000 units, which was its lowest rate in nearly seven years, according to a median forecast of 68 economists polled by Reuters.
Forecasts vary widely, from a 790,000- to a 1.100 million-unit annual rate.
March's predicted jump would follow a 3.9 percent drop in February, which was its second straight monthly slide.
Analysts' expectations for March are based on a range of data, particularly the Mortgage Bankers Association's seasonally adjusted index of mortgage application activity. The MBA's seasonally adjusted purchase index, considered a timely gauge of U.S. home sales, was above the 400 threshold during the month.
The U.S. Commerce Department is scheduled to release March new home sales data on Wednesday at 10 a.m. (1400 GMT)
Source:http://www.reuters.com/article/reutersEdge
| 
