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April 25, 2011

New home sales in March increased to a seasonally adjusted annual rate of 300,000, according to data released today by the Department of Commerce.

The new residential sales activity is 11.1% ahead of the upwardly revised February rate of 270,000, but it is down 21.9% from the March 2010 pace of 384,000.

While still at historical lows, March's pace of new home sales was higher than the 280,000 rate predicted by analysts.