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New home sales tick higher

April 23, 2013 at 1:40 PM   |   Comments

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WASHINGTON, April 23 (UPI) -- Sales of new single-family homes rose 1.5 percent in March from February, the U.S. Commerce Department said Tuesday.

Sales for the month came to a seasonally adjusted annual rate of 417,000, which is 18.5 percent higher than the March 2012 estimate of 352,000.

The Commerce Department said the average price for a new home sold in March was $279,900.

At the end of March, there was an estimated 153,000 new homes on the market, representing a 4.4 month supply at the current rate of sales.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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