New home sales surged 20.7% in March to 1.02 million
![FILE - In this Sept. 29, 2020 file photo, a sale pending sign is displayed outside a residential home for sale in East Derry, N.H. Sales of previously occupied U.S. homes slowed last month as rising prices and a dearth of homes for sale kept some would-be buyers on the sidelines.](https://kstp.com/wp-content/uploads/2021/04/kstp_HomeSalesPendingSept.jpg)
FILE - In this Sept. 29, 2020 file photo, a sale pending sign is displayed outside a residential home for sale in East Derry, N.H. Sales of previously occupied U.S. homes slowed last month as rising prices and a dearth of homes for sale kept some would-be buyers on the sidelines.[AP Photo/Charles Krupa, File]
Sales of new homes surged 20.7% in March, rebounding from the previous month when severe winter storms wreaked havoc in many parts of the country.
Sales climbed to a seasonally adjusted annual rate of 1.02 million last month after a 16.2% tumble in February, the Commerce Department reported Friday.
The median sales price of a new home sold in March was $330,800, up only 0.8% from the median sales price a year ago.
The big jump in new home sales stood in contrast to sales of existing homes, which fell for a second consecutive month in March, a drop that was blamed on a lack of supply which has pushed exiting home prices to new highs.