WASHINGTON — Rebounding from a record low in February, new home sales soared 26.9% in March to a seasonally adjusted annual rate of 411,000, the largest monthly increase in 43 years, the Commerce Department reported Friday.
The March sales gain ended a four-month streak of new home sales declines. Sales in February were revised higher to 324,000 from the 308,000 reported last month, but that was still a record low for monthly new home sales.
January sales were also revised higher to 338,000 from 315,000.
Economists polled by Thomson Reuters expected 330,000 sales for March.
The median sales price gained 4.3% in March from a year ago and fell 3.4% from February. The annual median price increased 5.2% in February.
New home inventories declined in March. The number of new homes for sale fell to 228,000, the lowest level since March 1971.
The supply of new homes fell to 7.6 months, the lowest level since September 2006.