New Home Sales Rise, Housing Recovery Still On Track

[Purveyor]

Source: REUTERS

WASHINGTON | Tue Apr 23, 2013 10:04am EDT
(Reuters) - Sales of new single-family homes rose in March, indicating the housing market recovery remains on track.

The Commerce Department said on Tuesday sales increased 1.5 percent to a seasonally adjusted annual rate of 417,000 units. Last month's rise followed a 7.6 percent drop in February.

Economists polled by Reuters had expected sales to rise to 420,000-unit rate last month.

Compared with March 2012, sales were up 18.5 percent, indicating the strength in the housing market that has helped boost the economy was on course. Sales are being set back by a lack of supply of homes on the market in some major parts of the country.

While the inventory of new homes on the market rose 2.0 percent to 153,000 units, it was not far from record lows

Read more: http://www.reuters.com/article/2013/04/23/us-new-home-sales-idUSBRE93M0S520130423