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New home sales increase 1.5 percent in March

Home For Sale Sign in Front of Beautiful New HomeNew home sales increased by 1.5 percent in March, up 19 percent from levels one year ago, indicating a continued recovery in the housing market.

Despite a low supply of new homes on the market, new home sales increased to an annual pace of 417,000 units last month. High demand for and low supply of new homes pushed median home prices up three percent from $244,700 in February to $247,000 in March.

Home sales in the Northeast increased the most, rising 20.6 percent from February. The West saw home sales fall nearly 21 percent from February, and home sales in the Midwest fell 12.1 percent. Home sales in the South rose 19.4 percent.

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