Purchases of New Homes in U.S. Exceed Forecasts in March

From bloomberg.com

Sales of new U.S. homes were stronger than projected in March, indicating cheaper borrowing costs are helping stabilize the real estate market. Purchases ran at a 328,000 annual rate, a decline of 7.1 percent from a revised 353,000 pace in February that was faster than initially estimated, figures from the Commerce Department showed today in Washington. Economists forecast a rate of 319,000 last month, according to the median estimate in a Bloomberg News survey. Inventory declined to a record low and the median selling price rose from a year ago. ob gains, mortgage rates close to all-time lows and cheaper ... (full story)