New Home Sales Drop 0.6% in March

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New home sales fell slightly in March, but still beat expectations, the Commerce Department said Friday.

Sales fell 0.6 percent in March to a seasonally adjusted annual rate of 356,000 from an upwardly revised February rate of 358,000. February's results were adjusted upward by more than 6 percent.

Even though news home sales dropped, a recent dip in the inventory has encouraged builders. There were 311,000 new homes for sale at the end of March, down 5.2 percent from 328,000 in February. The government said it would take almost 11 months to exhaust the supply of new homes on the market at the current market price.

Source:  YahooNews.com,  March New Home Sales Down 0.6%

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