New-Home Sales See Surprise Bounce

But prices decline
By Kevin Spak,  Newser Staff
Posted Mar 25, 2009 10:00 AM CDT
New-Home Sales See Surprise Bounce
A sale pending sign is seen for a real-estate listing, March 3, 2009, in Gloucester, Mass.   (AP Photo)

New-home sales took a surprise upward turn in February, the Commerce Department announced today—the first time sales have increased in seven months. But prices continued to tumble. Single-family home sales were up 4.7%, besting analyst expectations of a 2.9% decline. That still left them down 41.1% year-over-year, however. During that year, the median price dropped 18.1%, to $200,900, the Wall Street Journal reports.
(Read more housing market stories.)

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