The seasonally adjusted rate of new single-family home sales in the U.S. jumped 5.8 percent from February to March, hitting an eight-month high of 621,000 annual sales, which is 15.6 percent above the rate at the same time last year.

That being said, last month’s pace remains 4.8 percent below the long-term average as measured in March (652,000) and 53 percent below the record-high January pace of 1,328,000 sales as set in 2005.

At the same time, the number of new single-family homes for sale across the county ticked up 1.1 percent to 268,000, which is the most available inventory since the third quarter of 2009 and 9.8 percent higher versus the same time last year.

And in the West, the pace of new single-family home sales jumped 16.7 percent in March to a ten-year high and is currently running 32.6 percent higher versus the same time last year.

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