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Sales of new homes in the US plunge 14.5 percent in March

WASHINGTON--The number of Americans buying new homes plummeted in March to the slowest pace in seven months, a sign that the spring buying season is off to a weak start.

The Commerce Department said Wednesday that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000. That was the second straight monthly decline and the lowest rate since July 2013.

Sales plunged in the Midwest, South and West in March. But they rebounded in the Northeast, where snowstorms in previous months curtailed purchases.

New-home sales have declined 13.3 percent over the past 12 months.

But median sales prices jumped 12.6 percent during the past month to US$290,000. That's because new-home buyers in March bought more high-end properties compared to previous months.

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