New home sales post modest gain in March

Sales of new homes in the United States rebounded slightly in March, helped by better weather, but the gain was not enough to offset big declines in the previous two months. The Commerce Department reported Wednesday that new home sales rose 2.6 percent in March compared with February, when new home sales had plunged to the lowest level in nearly seven years. New homes were sold at a seasonally adjusted annual rate of 858,000 units in March. The March improvement was just half what analysts had expected and still left the sales pace 23.5 percent lower than a year ago as the housing industry continues to go through a painful adjustment after an extended boom period.

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