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New Home Sales Beat Estimates

Posted on 23 Apr 2010

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Bouncing off the previous month's record low, new home sales surged 27 percent last month.

New home sales rose 26.9 percent in March.

The Commerce Department said new home sales rose in March to a seasonally adjusted annual sales pace of 411,000.

It was the strongest month since last July and the biggest monthly increase in 47 years.

Economists surveyed by Thomson Reuters had expected a sales pace of 330,000.

February's results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country.

The median sales price was $214,000, up more than 4 percent from a year earlier but down more than 3 percent from February.