New-home sales drop to 8-month low

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Sales of new single-family houses hit an eight-month low in March, according to a report jointly released by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD).

New-home sales decreased 14.5 percent month over month to a seasonally adjusted annual rate of 384,000, and were down 13.3 percent on an annual basis, according to the report.

The Census Bureau said that the inventory of new homes for sale increased 3.2 percent to 193,000. That supply would last for six months at March’s sales rate, up from a five-month supply in February, according to the report.

Source: U.S. Census Bureau