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US new home sales rebound; house price decline slowing

WASHINGTON (Reuters) -Sales of new U.S. single-family homes rebounded in March from February's downwardly revised level, drawing support from a persistent shortage of previously owned houses on the market, but momentum could be curbed by a resurgence in mortgage rates. New home sales jumped 8.8% to a seasonally adjusted annual rate of 693,000 units last month, the highest level since last September, the Commerce Department's Census Bureau said on Tuesday. The sales pace for February was revised down to 637,000 units from the previously reported 662,000 units.

Calculated Risk: New Home Sales Increase to 693,000 Annual Rate in March; Median New Home Price is Down 13% from the Peak

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