WASHINGTON – Sales of new homes plunged in March to the slowest pace in 16½ years as a two-year housing downturn extended into the start of another spring sales season. The median price of a new home in March compared with a year ago fell at the fastest clip in 38 years.
Sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991, the Commerce Department reported yesterday.
The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.
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