WASHINGTON, April 23 (UPI) — Sales of new single-family homes jumped sharply in March, rising 26.9 percent compared with February, the U.S. Commerce Department said Friday.
The annual rate of home sales reached 411,000, up from February’s revised figure of 324,000. The number of new homes sold in March rose 23.8 percent higher than March 2009.
With a federal home-buyer’s tax credit scheduled to end April 30, Commerce said the median sales price for new homes in March was $214,000, down from $220,500 in February. The average sales price in March, Commerce said, was $258,600, down from $292,600 a month ago.
At the end of February there were 228,000 homes on the market, an inventory that would last 6.7 months at the current pace of sales, a sharp drop from February’s 9.2 months of inventory, Commerce said.
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