New home sales drop 7%

The rate of new single-family home sales in March was about 7.2 percent below the March 2005 estimate, while the supply of for-sale inventory was up about 31 percent, the U.S. Census Bureau and the Department of Housing and Urban Development announced today.

The agencies reported that the seasonally adjusted annual rate of new single-family home sales was 1.21 million in March 2006, a gain of 13.8 percent since February but a decline from 1.31 million in March 2005.

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