New home sales occurred at a seasonally-adjusted annual rate of 1.021 million in March, the U.S. Census Bureau reported Thursday. It represented the fastest pace of new home sales since 2006. Month-over-month, sales rose 20.7%. Additionally, the Census Bureau revised the sales figure for February up to a rate of 846,000, from the originally reported rate of 775,000. The inventory of homes for sale at the end of March remained unchanged from the month prior, but was down 7% from a year ago.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.