New Home Sales, U.s. Economy | featured news

Sales of new single-family homes rose in March, indicating the housing market recovery remains on track.

Sales of new homes fell in February after climbing to the highest level in more than four years in January. Sales of new homes dropped to a seasonally adjusted annual rate of 411,000 in February, the Commerce Department reported Tuesday. That is a decline of 4.6 percent from the January level of 431,000, which had been the strongest sales pace since September 2008.

The US economy registers surprisingly strong consumer confidence and new home sales data, suggesting the recovery is gathering steam.

New single-family home sales fell slightly in October and the prior month's pace of sales was revised sharply lower, casting a small shadow over what has been one of the brighter spots in the U.S. economy.

U.S. builders started construction last month on the most single-family homes and apartments since July 2008, more evidence that the housing recovery is gaining momentum.