Unlike the disastrous drop (no rebound from February's plunge) in existing home sales (to 7-month lows) in March, analysts expected new home sales to rebound aggressively from the weather-impacted 18.2% collapse in February, and it did. New Home Sales exploded 20.7% higher MoM in March. Thanks to the base effect, this means new home sales are up a stunning 66.8% from last March's lockdown lows...

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Source: Bloomberg

There were a number of significant revisions to historical data too (Dec from 919K to 949K, Jan from 948K to 1010K, Feb from 775K to 846K)...

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The total new home sales SAAR surged back above the 1mm mark (1.021mm), the highest since August 2006...

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Source: Bloomberg

Notably, unlike soaring existing home prices, median new home price rose just 0.8% YoY to $330,800 (average selling price at $397,800).

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New- and Existing-home prices haven't been this close since 2005.