New-home sales surge 27% to 411,000 pace

Boosted by a soon-to-expire tax break, low mortgage rates and favorable weather, sales of new homes surged 27% in March to a seasonally adjusted annual rate of 411,000 after hitting a record low in February, the Commerce Department estimated Friday.

It was the largest percentage gain in sales since April 1963, the government said. It was the highest sales pace since July, and much stronger than the 335,000 expected by economists surveyed by MarketWatch. See our complete economic calendar and consensus forecast.

Sales in December, January and February were revised higher. In February, sales were at a 324,000 annualized pace, revised up from 308,000. It's still the lowest on record, dating to 1963.

Sales are up 24% compared with March 2009.

Government statisticians have low confidence in the monthly report, which is subject to large revisions, and large sampling and other statistical errors.

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- Posted: 2010-04-23 09:54:07

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