Summary Box: New-home sales

AP News
Posted: Apr 25, 2011 12:36 PM
Summary Box: New-home sales

MARCH SALES RISE: New-home sales rose 11 percent last month to a seasonally adjusted rate of 300,000 homes, according to the Commerce Department. But the pace remains far below the 700,000 homes-a-year pace that economists view as healthy.

OLD HOMES A BARGAIN: The median price of a new home is now $213,800, about 34 percent higher than the median price of re-sales.

FORECLOSURES A WORRY: The seasonally adjusted number of new homes for sale in the U.S. is the fewest since 1967, as many builders wait for foreclosures and other distressed properties to be cleared before stepping up construction.