New home sales rebounded in March, rising 11.1 percent, after falling to a record low in February, according to the U.S. Department of Commerce. The rise brought new home sales to an annual rate of 300,000 from 270,000 in February. Still, home sales remain 21.9 percent below the March 2010 estimate of 384,000.
"The fact that new-home sales have regained some of the ground they lost earlier this year is a promising sign at the start of the spring home buying season," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB). "While potential buyers continue to be extremely cautious, they are starting to take a look around and evaluate their very good options with regard to attractively priced new homes."
The median sales price of new houses sold in March was $213,800, while the average sales price was $246,800.
