U.S. new home sales hit one-and-a-half-year high on lower mortgages, prices

WASHINGTON - Sales of new U.S. single-family homes rose to a near 1-1/2-year high in March, boosted by lower mortgage rates and house prices.

“In this housing market, affordability for buyers is key,” said Danielle Hale, chief economist at realtor.com. “This trend supports the fact that lower mortgage rates have started to entice buyers this spring and foreshadows a potential strengthening of existing home sales in the months to come.” Away from the new housing market, overall house price inflation is slowing. A separate report on Tuesday showed the Federal Housing Finance Agency house price index rose a seasonally adjusted 4.9 percent in February from a year ago.The FHFA’s index is calculated by using purchase prices of houses financed with mortgages sold to or guaranteed by mortgage finance companies Fannie Mae and Freddie Mac.

Despite the strengthening housing market fundamentals, land and labor shortages are constraining builders’ ability to break more ground on lower-priced housing projects. Expectations for slower economic growth this year are also seen curbing demand.

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