WASHINGTON (AFX) - U.S. new home sales jumped by 12% in March to a record 1.431 million seasonally adjusted annual rate, the Commerce Department estimated Tuesday. March sales smashed the previous record of 1.304 million set last October. Economists expected a slightly pullback to 1.19 million. The inventory of unsold homes on the market fell by 0.9% to 433,000, representing a tight 3.6-month supply at the March sales pace.
The median price of a new sold home fell 9.3% in March to $212,300.
Median prices are up just 1.3% in the past year. This story was supplied by MarketWatch. For further information see www.marketwatch.com
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