New-home sales fall 62% from '05 peak

March closings hit lowest level since October '91

The sales rate for new single-family homes dropped for the fifth straight month in March, hitting the lowest level since October 1991, the U.S. Census Bureau and the Department of Housing and Urban Development reported today.

Since reaching a record seasonally adjusted annual sales rate of 1.39 million in July 2005, the rate has plummeted 62.1 percent.