New home sales tick higher

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.