Friday, April 24, 2009
The government says new U.S. home sales dipped slightly last month, but still beat expectations as builders start to see long-awaited encouraging signs about the housing market.
The Commerce Department said Friday that sales fell 0.6% in March to a seasonally adjusted annual rate of 356,000 from an upwardly revised February rate of 358,000. February's results were adjusted upward by more than 6%.
March's results exceeded the expectations of economists surveyed by Thomson Reuters who expected a sales pace of 340,000 units. Sales were still down nearly 31% from March 2008.