New home sales in the U.S. fell slightly in March due to a strong upward revision to the previous month's figure, the Department of Commerce reported Friday.
New home sales fell to an annualized pace of 356k, a 0.6% decrease from February, the report said. The previous month's reading of 337k sales was revised up to 358k.
Economists were expecting sales to remain unchanged in the month at 337k.
Inventories fell to a pace of 10.72, down from an 11.2-month supply in February.
The median sale price of new houses fell to $201,400 in March from $208,700. Annually, prices have fallen 12.2%.
In the West, the pace of sales rose to 84k in March from 73k in February, while sales in the Midwest fell to 47k from an upwardly revised 51k. Sales in the South held steady from an upwardly revised 206k in February. The pace of sales fell in the Northeast to 19k from a downwardly revised 28k in February.
By Stephen Huebl and edited by Sarah Sussman
©CEP News Ltd. 2009