March marks highest monthly uptick in new home sales in 47 years

March saw the largest monthly increase in new home sales recorded in nearly half a century, according to data released today by the Commerce Department. New home sales nationwide were up 27 percent over February, with a seasonally-adjusted sales rate of 411,000, greatly surpassing many economists’ prediction of a 330,000 monthly rate. The median sales price was relatively stable at $214,000, up 4 percent from the same month a year earlier, but down 3 percent from the previous month.