U.S. single-family home sales exceed February figures, but fall below 2010 estimates

In a small boost for the flailing housing market, U.S. sales of new single-family homes rose by 11.1 percent in March 2011 to 300,000, exceeding the appalling February low of 270,000. They still fell, however, 21.9 percent lower than the same figures last year, according to data released today by the Commerce Department. The median sales price of new homes sold in March 2011 was $213,800 compared with $207,700 in February; the average sales price was $246,800. The seasonally adjusted estimate of new homes for sale at the end of March was 183,000. That represents a supply of 7.3 months at the current sales rate. Sales were up 66.7 percent in the Northeast, and down only 0.6 percent in the South since February.TRD