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Rate of new-home sales declines 7.1% in March

Housing sales data took a turn in the wrong direction in March.

Sales of new single-family houses in March 2012 were at a seasonally adjusted annual rate of 328,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. 

The March rate is 7.1% below the revised February rate of 353,000, but it’s 7.5% above the same rate from a year ago.

The median sales price of new houses sold in March 2012 was $234,500, down from $236,900 in February. The average sales price rose to $291,200, up from $269,700. The seasonally adjusted estimate of new houses for sale at the end of March was 144,000. This represents a supply of 5.3 months at the current sales rate.

I guess that's why they call

I guess that's why they call it a "boom-bust" economy.
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