US new-home sales bounce off lows
Sales of new homes in the United States rebounded more strongly than expected in March, the Commerce Department said on Monday.
After hitting multi-decade lows in February, sales jumped by more than 11 per cent last month.
Around 300,000 new homes were sold during March, more than the 280,000 expected by economists.
Despite beating expectations, the rate was still much lower than the 384,000 sold in March 2010.
The Northeast, which experienced bad weather during February, saw the largest rebound of any US region, jumping nearly 67 per cent between February and March.
New-home sales in the south of the country dropped slightly.
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