Us new home sales increase

Sales of new U.S. homes increased in March and the volume of properties on the market was its lowest since the 1960s, suggesting that demand for homes in the USA is improving.

According to the Commerce Department, single family home sales increased 11.1 per cent to a seasonally adjusted 300,000, up from 270,000 homes in February.

However, despite the rise in new USA homes sold in March, sales still remain at an historic low, while an existing oversupply of unsold previously owned homes is holding back the market.

A flood of previously owned homes and foreclosed properties is ensuring that property purchasers have plenty of stock to choose from as well as lots of room for price negotiations.

Source: A Place in the Sun