New home sales hover near all-time low

New home sales started to creep back up in March, according to government figures released Monday, but the housing market is still far from a recovery.

The Census Bureau reported an annual sales rate of 300,000 new homes in March. While that was an 11% increase from February's all-time low of 270,000, new home sales remained near the lowest levels recorded since the government started tracking the data in 1963.

Still though, the monthly gain was a bit better than expected. Economists surveyed by Briefing.com had forecast a sales rate of 280,000 in March.

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- Posted: 2011-04-25 09:59:08

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