New home sales increased 11.1% in March to a seasonally-adjusted annual rate of 300,000, the first increase in three months, the Commerce Department reported Monday.
Sales in February were revised higher to 270,000 from 250,000 reported last month. The February figure is still a record low on data stretching back to 1963. Sales in August, the previous record low, totaled 274,000.
In March, new home sales increased in every region except the South, which edged lower by 0.6%.
The March median home price increased 2.9% month-over-month to $213,800. The price is down 4.9% from a year ago.
The months’ supply of homes for sale dropped to 7.3 months from 8.2 months in February.
