Home sales in March came in at a seasonally adjusted annual rate of 328,000. In February, the rate stood at 353,000 new homes sold, the department said, releasing a revised figure.
The rate of home sales in February was 7.5 percent above the 305,000 new single-family homes sold in the same month of 2011.
The Commerce Department said the average sale price for a new home sold in February was $291,200.
Going into April, there were 144,000 new homes on the market, enough to last 5.3-months at the current rate of sales, the Commerce Department said.