New Home Sales Rebound in March

Washington, DC, April 25, 2011 — The Commerce Department reported that new-home sales rose 11% in March to a seasonally adjusted rate of 300,000 homes.

That follows three straight monthly declines. But it remains far below the 700,000-a-year pace that economists view as healthy.

Last year was the fifth consecutive year of declines for new-home sales.

New home sales aren’t likely to pick up substantially until the price difference between new and existing homes narrows.