New US Home Sales Up in March

New US Home Sales Up in March
Monday, April 25, 2011 - 8:04am

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.

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