March New Home Sales Higher Than Forecast

Washington, DC, April 24, 2012 -- Sales of new single-family homes in March were higher than forecast although they fell to their lowest level in four months, according to Commerce Department figures.

The government said on Tuesday that sales declined 7.1% to a seasonally adjusted 328,000-unit annual rate.

However, February sales were revised higher from 313,000 units to 353,000 units, the fastest pace since November 2009.

Sales for December and January were also revised higher.

Economists had forecast sales at a 320,000-unit rate in March.

The median price for a new home fell 1% to $234,500. However, compared to a year ago, the median price was up 6.3%.