New Home Sales Soar Nearly 27% in March

The annual rate of new home sales increased 26.9% from February to March, and according to revised numbers from the Commerce Department’s Census Bureau and the Department of Housing and Urban Development (HUD), it marks the second month of increases. The monthly report (download here) said sales of new single-family houses in March 2010 were at a seasonally adjusted annual rate of 411,000, up 26.9% from the revised February rate of 324,000. The original February estimate was 308,000, a 2.2% decline from the January revised rate of 315,000. New home sales started to decline in November, before picking up in February. The preliminary March data is 23.8% above the annual rate estimate at the same month last year, 332,000.

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