Updated: April 23, 2013 10:30AM
WASHINGTON — U.S. sales of new homes rebounded in March to the second fastest sales pace in three years, adding to evidence of a sustained housing recovery at the start of the spring buying season.
The Commerce Department says sales of new homes increased 1.5 percent in March to a seasonally adjusted annual rate of 417,000. Sales had reached a pace of 445,000 in January.
New-home sales are still below the 700,000 pace considered healthy by most economists. But they have risen 18.5 percent from a year ago. The median price of a new home was $247,000 in March, up 3 percent from a year ago.