New US Home Sales Up in March
A new government report says that the housing market got a lift, as many people bought new homes in March.
The Commerce Department said new home sales rose 11 percent last month, to a seasonally-adjusted rate of 300,000 homes. That's especially good news, after the industry experienced three straight months of decline. However, the number still remains far below the 700,000-a-year pace that economists view as healthy.
Last year was the fifth consecutive year of declines for new home sales. Economists say it could be years before sales return to a normal pace.