New Home Sales Jump in March

Sales of new homes rose 27 percent in March compared to February, the U.S. Commerce Department announced Friday. It was the largest monthly increase since April 1963, when sales jumped 31.2 percent.

In addition, the National Association of REALTORS® reported last week that sales of previously owned homes rose 6.8 percent.

Economists attribute the figures to buyers taking advantage of the $8,000 tax credit scheduled to expire at the end of this month.

“In simple terms, housing is a bargain again, and buyers are responding,” Michael D. Larson, a real estate and interest rate analyst at Weiss Research, wrote in a research note. “That is unambiguously good news for the market going forward.”

Source: The New York Times, Christine Hauser (04/23/2010)

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