A report released by the Commerce Department on Tuesday showed an unexpected spike in U.S. new home sales in the month of March.
The Commerce Department said new home sales surged 9.6 percent to an annual rate of 683,000 in March from a revised rate of 623,000 in February.
Economists had expected new home sales to dip to a rate of 634,000 from the 640,000 originally reported for the previous month.
With the unexpected jump, new home sales reached their highest annual rate since hitting 707,000 in March 2022.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.