U.S. new home sales rise in March

Sales of new single-family houses in the United States jumped 11.1 percent in March after three straight monthly declines, the U.S. Commerce Department said on Monday.

Sales of new single-family houses in March were at a seasonally adjusted annual rate of 300,000 units, up from the revised February rate of 270,000 units, but still 21.9 percent below the March 2010 estimate of 384,000 units, said the department.

The median sales price of new houses sold in March rose to 213,800 U.S. dollars from 202,000 dollars in February.

Single-family housing starts accounted for around 70 percent of the total new home construction including houses and apartment buildings in the nation.

The U.S. housing industry is suffering its worst slump in decades. Experts said the home price downturn, large inventory of foreclosed houses and a persisting credit crunch have been a major drag on the property sector as well as the overall economic recovery.

Source: Xinhua

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