New-home sales off 7 percent in March
ASSOCIATED PRESS April 24, 2012 9:16AM
Updated: April 24, 2012 9:24AM
WASHINGTON — Sales of new homes fell in March by the largest amount in more than a year, indicating that the U.S. housing market remains under strain despite some modest signs of improvement.
The Commerce Department says sales dropped 7.1 percent in March to a seasonally adjusted annual rate of 328,000 units. That followed a 7.3 percent increase in sales in February. This figure was revised up from an initial estimate that February sales had fallen 1.6 percent.
The weakness in March could reflect that a warmer-than-normal winter caused sales that normally occur at the start of the spring sales season in March to occur in February.
The median home price was $234,500 in March, down 1 percent from the February sales price.
